Which of the following is a common mistake consumers commit when they make decisions?
A)They take into account nonmonetary opportunity costs but ignore monetary costs.
B)They are overly pessimistic about their future behavior.
C)They fail to ignore sunk costs.
D)They sometimes value fairness too much.

Question

Quizplus · Accepted Answer

Consumers often make the mistake of considering sunk costs, which are costs that have already been incurred and cannot be recovered, when making decisions. This can lead to irrational decision-making, as these costs should not affect the current decision.

Which of the Following Is a Common Mistake Consumers Commit