Stella has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Patrick, whom Stella has wanted to date for a long time, asks her to a concert. Stella would prefer to go to the concert with Patrick and forgo the opera, but she doesn't want to waste the $100 she spent on the opera ticket. From the perspective of an economist, if Stella decides to go to the opera, what has she just done? Incorrectly allowed a sunk cost to influence her decision Correctly ignored a sunk cost Made an optimal choice
Stella has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Patrick, whom Stella has wanted to date for a long time, asks her to a concert. Stella would prefer to go to the concert with Patrick and forgo the opera, but she doesn't want to waste the $100 she spent on the opera ticket. From the perspective of an economist, if Stella decides to go to the opera, what has she just done? Incorrectly allowed a sunk cost to influence her decision Correctly ignored a sunk cost Made an optimal choice
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Stella has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and
nontransferable ticket. Now Patrick, whom Stella has wanted to date for a long time, asks her to a
concert. Stella would prefer to go to the concert with Patrick and forgo the opera, but she doesn't
want to waste the $100 she spent on the opera ticket.
From the perspective of an economist, if Stella decides to go to the opera, what has she just done?
Incorrectly allowed a sunk cost to influence her decision
Correctly ignored a sunk cost
Made an optimal choice](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9f835c89-60c6-45d5-9a8d-b342e8a6c433%2Fe00e44a2-2ca6-46d6-9ee7-41ab2db03123%2Fjdqgdn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Stella has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and
nontransferable ticket. Now Patrick, whom Stella has wanted to date for a long time, asks her to a
concert. Stella would prefer to go to the concert with Patrick and forgo the opera, but she doesn't
want to waste the $100 she spent on the opera ticket.
From the perspective of an economist, if Stella decides to go to the opera, what has she just done?
Incorrectly allowed a sunk cost to influence her decision
Correctly ignored a sunk cost
Made an optimal choice
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