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

Question

Quizplus · Accepted Answer

Failing to ignore sunk costs is a common mistake consumers make when making decisions. This means they take into account money and resources they have already invested, even though those costs are irrecoverable and should not be a factor in future decision-making.

Which of the Following Is a Common Mistake Consumers Commit