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Suppose you pre-ordered a non-refundable movie ticket to Avengers: Infinity War. On the day of the movie you decide that you
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Answer #1

Ans. You should go to the movie to minimize your losses.

According to the rational choice theory, an individual is rational. Any rational consumer will try to maximize his/her profits and in turn minimize his/her losses. In our case, we would minimize our losses by going to watch the movie.

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