Escalation of Commitment Refers to the Tendency of People to Increase

question 101

True/False

Escalation of commitment refers to the tendency of people to increase features in a project in order to accommodate excess resources.

---

Definitions:

Value to Buyers

The perceived benefit or satisfaction that consumers derive from purchasing and consuming a product or service, influencing their willingness to pay.

Costs to Sellers

The expenses incurred by sellers in producing and selling a product, which can include materials, labor, and overhead.

Market Price

The ongoing value at which an item or service is available for buy or sale within a market context.

Economic Welfare

The overall well-being and standard of living of people in an economy, often measured in terms of income, health, and education.