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?

Question

Accepted Answer

Sunk costs are irrelevant to many personal decisions.

Answer

The lost ticket is the opportunity cost of the game.

Answer

The assumption of rational behaviour does not easily apply to the purchase of college football game tickets.

Answer

none of the above

Answer

The price of tickets cannot be explained by economic principles.

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Assume that Sarah places a $70 value on seeing her college football team play in...

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