Jason Spends All Afternoon Baking a Cake

Jason spends all afternoon baking a cake. When it comes out of the oven, it's burnt and sunken in the middle, and Jason considers whether or not he should throw it away. If Jason were rational, he would compare the _____, which is _____, to the benefits of eating a ruined cake.

A) sunk cost; the time and ingredients spent making the cake
B) opportunity cost; the value of the time spent and utility received from either eating the cake or doing something else instead
C) opportunity cost and sunk cost; the value of the time spent making the cake, the cost of ingredients, and the value of the time that could be spent doing something other than eating the cake
D) benefits of throwing the cake away; the value of not having to eat burnt cake