Sunk Costs Are Irrelevant in Deciding Between Two Alternatives Because

question 18

True/False

Sunk costs are irrelevant in deciding between two alternatives because they are incurred in the past, not the future.

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Definitions:

McClelland's View

A theory in psychology focusing on three needs: achievement, affiliation, and power, which motivate people's behavior.

Achievements

Accomplishments or successes that are achieved through effort, skill, or courage.

Idiographic Goals

Unique, personal objectives that are specific to an individual's desires and life circumstances, guiding their behavior in a deeply personal way.

Nomothetic Goals

Objectives or aims that apply universally, seeking to establish general laws and principles about human behavior.