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

question 212

Multiple Choice

Suppose you pre-ordered a non-refundable movie ticket to X-Men: Days of Future Past.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 minimise your losses.
• D)You should go to the movie to maximise your utility.

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Definitions:

School Integration

The process of ending racial segregation in schools, legally mandated by the Supreme Court's Brown v. Board of Education decision in 1954.

Southern States

Refers to the states that are located in the southeastern and south-central regions of the United States, historically known for their distinct cultural, social, and economic characteristics.

Jim Crow

A set of laws and customs in the southern United States enforcing racial segregation and discrimination against African Americans from the late 19th century into the 1960s.

Graduate Schooling

Advanced academic programs beyond an undergraduate degree, leading to a master's or doctoral degree.