Multiple Choice
If you purchase a ticket to a concert but then lose the ticket, 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.
Correct Answer:
Verified
Correct Answer:
Verified
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