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

question 122

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) You 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:

Problem Avoiders

Individuals or entities that tend to evade facing or tackling issues directly, often leading to unresolved or compounded problems.

Performance Threats

External or internal factors that could potentially impair the performance of an individual, team, or organization.

Performance Opportunities

Situations or circumstances that allow individuals or organizations to showcase or enhance their abilities and results.

Systematic Thinkers

Individuals who approach problems or situations with a methodical and logical process, often considering the overall structure, function, and order.