Why Is a Sunk Cost Not Part of the Opportunity

question 96

Multiple Choice

Why is a sunk cost not part of the opportunity cost of a decision?

• A)Because the money is gone,regardless of your current decision.
• B)Because the expense would too often outweigh the benefits.
• C)Because the chances of you recouping it are infinitesimally small.
• D)Sunk costs are a part of the opportunity cost of a decision.

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Definitions:

Reinforcements

In behaviorism, any event that strengthens or increases the likelihood of a behavior being repeated, which can be positive (adding a desirable stimulus) or negative (removing an aversive stimulus).

Extinction

In behavioral psychology, a process by which a conditioned response decreases or disappears as a result of repeated exposure to the conditioned stimulus without the unconditioned stimulus.

Reinforcer

Any stimulus that strengthens or increases the probability of a specific response or behavior by being delivered as a consequence of that response or behavior.

Cognitive Therapy

A type of psychotherapy that modifies dysfunctional emotions, behaviors, and thoughts by challenging and changing unhelpful beliefs.