"A sunk cost is defined as a cost that has already been incurred and that cannot be recovered." - (https://www.britannica.com/topic/sunk-cost(Links to an external site.)

Is the nonrefundable tuition payment you made to your college this semester a sunk cost?Why or why not? Is the answer different if your college offers a full refund should you drop out of school in the first month? Provide support for your thoughts.Share a situation or two where you fell prey to the sunk cost fallacy.