Multiple Choice
Chris purchased a 21-speed road bike for $1,000 but found after a couple of weeks that he did not ride it as often as he thought he would, so he decided to sell it. He listed the bike on a local bike selling website and received several offers less than $1,000, but he refuses to sell for less than what he paid for it. This is an example of _____.
A) sunk cost fallacy
B) time inconsistency
C) falling prey to framing effects
D) overconfidence
Correct Answer:
Verified
Correct Answer:
Verified
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