After enjoying a perfectly delicious meal, Duane treats himself and orders a very expensive dessert. After one bite, Duane realizes he does not care for it at all. He chokes it down while thinking about the money he just wasted on it. Duane's decision to eat the entire dessert is an example of:
A. a cognitive bias, because he is focused on the money spent on the dessert.
B. emphasizing a sunk cost instead of weighing marginal costs and benefits.
C. irrational behavior.
D. Duane's behavior exemplifies all of these.
Answer: D
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What will be an ideal response?