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What is meant by opportunity costs and why is it important

Question - What is meant by "opportunity costs" and why is it important that we consider them in making managerial accounting decisions? What is meant by "sunk costs" and why is it important that we do not consider them in making managerial accounting decisions? Answer both parts and provide a good illustration for each.

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Accounting Basics: What is meant by opportunity costs and why is it important

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Accounting Basics: What is meant by opportunity costs and why is it important

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