Sunk costs and decision making Rajiv has plans to go to a play and already has a $50 nonrefundable, nonexchangeable, and nontransferable ticket. Now Simone, whom Rajiv has wanted to date for a long time, asks him to a concert. Rajiv would prefer to go to the concert with Simone and forgo the play, but he doesn't want to waste the $50 he spent on the play ticket. From the perspective of an economist, if Rajiv decides to go to the concert with Simone, what has he just done

b.Correctly ignored a sunk cost

Explanation:

Sunk costs are those that are already incurred and should not have any influence on the decision to be made.

The cost of the ticket to the play has already been incurred and could not be sold, exchanged or transferred so was a sunk cost. By going to the concert with Simone, Ravi decided to ignore a sunk cost and he was correct to do so.

the answer would be voluntary exchange -

"the act of buyers and sellers freely and willingly engaging in market transactions. moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchange than before it occurred."

hope this : )

-shy

match each type of restriction with one of its effects.

a. land-use laws

b. labor laws

c. banking regulations

a. controlled development of towns and cities

b. protection of young workers

c. greater financial stability