Bill Is Restoring a Car and Has Already Spent $4000

question 19

Multiple Choice

Bill is restoring a car and has already spent $4000 on the restoration.He expects to be able to sell the car for $6200.Bill discovers that he needs to do an additional $2400 of work to make the car worth $6200 to potential buyers.He could also sell the car now,without completing the additional work,for $3800.What should he do?

• A)He should sell the car now for $3800.
• B)He should keep the car since it wouldn't be rational to spend $6400 restoring a car and then sell it for only $6200.
• C)He should complete the additional work and sell the car for $6200.
• D)It does not matter if Bill sells the car now or completes the work and then sells it at the higher price because the outcome will be the same either way.

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Definitions:

Cross-Culturally

pertaining to or involving the comparison of two or more different cultures or cultural practices, often to understand cultural diversity and commonalities.

Overly Specific Questions

Questions that are extremely detailed and narrow in scope, potentially limiting the breadth of answers.

Lawrence Kohlberg

A psychologist known for his theory of moral development, which proposes that moral reasoning progresses through a series of stages.

Moral Reasoning

The process by which an individual makes decisions about what is right and wrong, often based on ethics, values, and societal norms.