The Sunk Cost Fallacy: Why We Hold onto Things We Should Let Go Of

The Sunk Cost Fallacy: Why We Hold onto Things We Should Let Go Of

Assessment

Interactive Video

Social Studies, Business

University

Hard

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What does Jimmy do with the bad fish he catches?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

Explain the concept of sunk costs as described in the text.

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the sunk cost fallacy, and how does it affect decision-making?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the experiment conducted by economists Hal Arkes and Catherine Blumer.

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the three psychological reasons for irrationality mentioned in the text?

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