Farouk owns a family portrait studio. Three months ago, he spent $2,000 on a new Wizard-brand camera, with the expectation that it would make his photo shoots go faster and enable him to serve more customers. However, the Wizard camera has proven to be so difficult to use that it is slowing him down and costing him business. Farouk is now trying to decide if he should purchase a Sorceress-brand camera to replace the Wizard camera. In this scenario, what is Farouk’s sunk cost?
a. the business Farouk lost because of his new camera
b. the price of the Sorceress camera
c. the price of the Wizard camera
d. the time it would take Farouk to master the Wizard camera
c. the price of the Wizard camera
Economics
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