Business, 31.03.2020 04:41 shikiaanthony

Lorenzo has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontransferable ticket. Now Neha, whom Lorenzo has wanted to date for a long time, asks him to a party. Lorenzo would prefer to go to the party with Neha and forgo the opera, but he doesn't want to waste the $100 he spent on the opera ticket. From the perspective of an economist, if Lorenzo decides to go to the party with Neha, what has he just done?

O Incorrectly allowed a sunk cost to influence his decision
O Made a choice that was not optimal
O Correctly ignored a sunk cost

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Lorenzo has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and nontr...