Sunk-Cost Bias-Money Already Spent Seems to Justify Continuing

question 9

Essay

Sunk-cost bias-money already spent seems to justify continuing.The sunk-cost bias is sometimes called the "Concorde" effect,referring to the fact that the French and British governments continued to invest in the Concorde supersonic jetliner even when it was evident there was no economic justification for the aircraft.

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Definitions:

Global Market Entry Strategy

A planned method of delivering goods or services to a new target market and establishing a presence in a foreign country.

International Sales

The practice of selling products or services beyond a company's domestic borders, into foreign markets.

Joint Venture

A business arrangement where two or more parties agree to pool their resources for the purpose of accomplishing a specific task.

Telecommunications Firm

A company that provides services in telecommunications, such as phone services, internet access, and cable TV.