Dale just won tickets to see a NASCAR race. His coworker offers to pay him $200 for them, but Dale decides to use them, even though he would not pay $200 for them himself. Dale's willingness to consume $200 worth of tickets that he doesn't value at $200 is attributed to:

A. the explicit cost of ownership.
B. the high fungibility of money.
C. his refusal to ignore the sunk cost of the tickets.
D. None of these is correct.


D. None of these is correct.

Economics

You might also like to view...

A decrease in the real interest rate occurs when ________

A) there is an autonomous tightening of monetary policy B) expected inflation increases, relative to the nominal interest rate C) a decrease in autonomous spending causes a decrease in equilibrium output D) all of the above E) none of the above

Economics

If the government is supplying a public good, the efficient quantity is where the:

A. total social benefit outweighs the total cost. B. total social benefit equals the cost. C. marginal social benefit is greater than the cost. D. marginal social benefit equals the cost.

Economics

Suppose the market for pizza makers is initially in equilibrium, but then the equilibrium wage rate increased and the equilibrium quantity of labor will decreased. What happened in the market for pizza makers?

A) The demand for pizza makers increased. B) The demand for pizza makers decreased. C) The supply for pizza makers decreased. D) The supply for pizza makers increased.

Economics

People scalping tickets for the Super Bowl will be successful at selling the tickets for a profit

A. any time the Super Bowl is popular. B. when the price set by the National Football League is less than the market equilibrium price. C. when prices are too high. D. only when there is excess supply.

Economics