A famous actor won an Academy Award in 2011, again in 2014, and again in 2017. After the 2011 award, the actor threw a huge party for all his friends, family, and colleagues. After the 2014 award ceremony, the actor threw a smaller party for just some close family and friends. After the 2017 award ceremony, the actor went to dinner with his wife. He is currently nominated for the award again in 2019 and does not plan on attending the ceremony at all. The change in the actor's actions after each award can best be explained by using the concepts of economics.
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A famous actor won an Academy Award in 2011, again in 2014, and again in 2017. After the 2011 award,...
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