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Business
Study Set
Essentials of Economics
Quiz 7: Consumer Choice and Elasticity
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Question 201
True/False
A sunk cost is a cost that has already been paid and cannot be recovered.
Question 202
True/False
A common mistake made by consumers is the failure to take into account the sunk costs of their actions.
Question 203
True/False
One reason college students do not study enough to get high grades is that they are unrealistic about their future behavior.
Question 204
True/False
A common mistake made by consumers is the failure to take into account the monetary costs of their actions.
Question 205
Essay
Why do many film processing companies have a policy of printing every picture on a roll of film or a memory card,even if the picture is very fuzzy and customers are allowed to ask for refunds on any pictures they do not like?