3. A restaurant manager named Charles has just spent $15,000 on a new stove. Right after the new stove is installed, a new model is introduced that costs $20,000 but would increase productivity and restaurant proï¬ts by $25,000 over the next year. Charles decides not to buy the new model because he does not want to waste the $15,000 he just spent on the new stove, whicl cannot be resold because all restaurants seek to buy only the latest available model. What kind ( mistake has Charles made? A. He has failed to minimize cost. B. He has failed to maximize revenue. C. He has failed to use any available new technology that increases productivity. D. He has committed the sunk cost fallacy.
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