The belief that if you paid more for something it must be more valuable to you is known as:
A) projection bias.
B) the sunk cost fallacy.
C) the hot-hand fallacy.
D) narrow framing.

Question

Quizplus · Accepted Answer

The belief that if you paid more for something it must be more valuable to you is known as the sunk cost fallacy. This is because people tend to focus on the money already invested in a product or service rather than its actual value or usefulness.

The Belief That If You Paid More for Something It