
Assume that Sarah places a $70 value on seeing her college football team play in the finals.She purchases a ticket to the game for $50 but when she arrives at the game she discovers that her ticket is missing.A ticket scalper outside the stadium is selling tickets for $65 dollars.If Sarah purchases a ticket from one of the scalpers for $65,what principle is she best demonstrating
A) Sunk costs are irrelevant to many personal decisions.
B) The price of tickets cannot be explained by economic principles.
C) The assumption of rational behaviour does not easily apply to the purchase of college football game tickets.
D) The lost ticket is the opportunity cost of the game.
Correct Answer:
Verified
Q18: Table 14-1 Q19: The goods offered for sale in a Q20: When firms are said to be price Q21: When a firm in a competitive market Q22: Whenever a perfectly competitive firm chooses to![]()
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents