After Purchasing and Then Losing a Ticket to a Concert

question 7

Multiple Choice

After purchasing and then losing a ticket to a concert, a rational consumer would:

• A) not repurchase the ticket since the lost ticket is a sunk cost.
• B) always repurchase the ticket as long as the price hasn't changed.
• C) repurchase the ticket as long as the price hasn't changed and the income effect is high.
• D) repurchase the ticket as long as the price hasn't changed and the income effect is low.

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Definitions:

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