The type of economic system a producer is operating in determines the way these outputs are distributed, what goods and services are produced as outputs, and how scarce resources are allocated among producers to create these outputs. The most common types of economic systems are market, traditional, command.
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Answer:
Sunk-cost fallacy.
Explanation:
The sunk-cost fallacy refers to the behavior done by the individuals when they continue such behavior because they already invested resources on it (time, money, effort).
In this example, <u>Les invested money on the megaphone of root beer,</u> he starts drinking it but <u>he becomes full, nevertheless he keeps drinking it </u>(even when his friend tells him he will get sick) <u>because he "bought it and not going to waste one drop of it"</u>
<u>Less continues drinking the root beer even though he's already full because he thinks he already invested money on buying it.</u>
Thus, this is an example of the sunk-cost fallacy.
They encouraged Americans to move west.
Answer:
The judge decides the proper punishment based on the verdict from the trial
