Suppose You Pre-Ordered a Non-Refundable Movie Ticket to X-Men: Apocalypse

question 72

Multiple Choice

Suppose you pre-ordered a non-refundable movie ticket to X-Men: Apocalypse.On the day of the movie you decide that you would rather not go to the movie.According to economists, what is the rational thing to do?

• A)Since the cost of the movie ticket is a sunk cost, it should not influence your decision. Your decision should be based solely on whether you want to see the movie or not.
• B)You should not waste resources. Since you have paid for the ticket you should watch the movie.
• C)Your should go to the movie to minimize your losses.
• D)You should go to the movie to maximize your utility.