Claire Spent $100 for a Nonrefundable Ticket to a Play

question 114

Multiple Choice

Claire spent $100 for a nonrefundable ticket to a play.Then she found out her granddaughter's first dance recital was that day.Claire really wanted to go to the recital,but she felt obligated to go to the play.Claire was displaying:

• A)the representative heuristic.
• B)the sunk-cost fallacy.
• C)functional fixedness.
• D)family resemblance bias.

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Definitions:

Bushel

A unit of volume used primarily in the United States for measuring agricultural commodities, equivalent to approximately 35.24 liters.

Marginal Costs

The additional cost incurred in producing one more unit of a good or service, critical in decision-making regarding production volumes.

Standby Seats

Airline or event tickets made available last minute, typically at a lower price, for customers willing to wait for no-shows or extra capacity.

Full Capacity

The maximum level of output that a facility can produce under normal operating conditions.