Christopher just won tickets to see an NFL football game. His coworker offers to pay him $300 for them, but Christopher decides to use them, even though he would never pay $300 for them himself. Christopher's willingness to consume $300 worth of tickets that he doesn't value at $300 is attributed to:
A. the high transactions costs involved in selling the tickets.
B. the implicit cost of ownership.
C. his refusal to ignore the sunk cost of the tickets.
D. None of these is correct.
B. the implicit cost of ownership.
Economics
You might also like to view...
One advantage of a money system compared to a barter system is that
a. barter never works. b. money creates the need for banks. c. money is more efficient. d. everyone has money.
Economics
Economics is the study of
A) how to get rich. B) how people allocate their limited resources to satisfy their unlimited wants. C) how people spend their income. D) why people want certain goods and services rather than other goods and services.
Economics