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- Tom poorly managed this economic situation. When we paid for the buffet beforehand, it became a sunk cost. A sunk cost is a cost that has already been paid and cannot be recovered.
- He used this sunk cost to influence his future actions, which was a mistake. Once the money is spent, it's gone from his possession. He instead should've just enjoyed his stay at the buffet (with his best friend).
- Tom's buffet money can now not be used for any future opportunity costs because it has already been spent. An opportunity cost is the highest-valued alternative given up in order to engage in an activity.
- Who knows? This money could've been spent to further his dream of becoming an entrepreneur, an operator of a business. He adores making soaps for his loved ones and friends but would love to sell them.
- Too bad he isn't a monopoly though. Monopolies are formed when a firm has complete control of a key resource, network externalities, natural monopoly, and government restrictions on entry.
- But what do I know? I'm only a microeconomics analyst.
- Get up, Tom.
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