Sadie Just Bought a New Karaoke Machine to Replace Her

question 66

Multiple Choice

Sadie just bought a new karaoke machine to replace her old one, which works perfectly fine and would sell on Craigslist for $50. The fact that Sadie would not pay $50 for the old karaoke machine, yet continues to let it sit in her closet unused, is explained by:

• A)the implicit cost of ownership bias.
• B)the cost of admitting she likes karaoke.
• C)ignored sunk costs.
• D)irrationally considering sunk costs.

---

Definitions:

Autobiographical Memories

Remembered events and experiences that are personal, and form a narrative about one's life.

Episodic Memory

A type of long-term memory that involves the recollection of specific events, situations, and experiences, including the context and emotions associated with them.

Procedural Memory

A type of long-term memory that enables people to perform tasks without conscious awareness of the learning process, such as riding a bike or typing on a keyboard.

Semantic Memory

A component of long-term memory that processes ideas and concepts that are not drawn from personal experience.