Answer: Sunk Cost fallacy
Explanation:
The sunk cost can be defined as the cost that has already been incurred and cannot be refunded back. It is in contrasted to the prospective costs which are the costs of future and that can be saved if any action is needed.
The economist argue that the sunk cost has nothing to do with the future rational decision making.
The example of such situation is fees which is once spent is generally not refunded.
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Make an excuse. (“My parents would kill me!”)
Just say no, and give a firm reason why. (“No. I am busy tonight.”)
Have a friend or trusted adult get you out of the situation.
