Monica is considering whether she should buy the new iPhone…
Monica is considering whether she should buy the new iPhone that is now on sale. She is willing to pay $900 dollars for the iPhone. If Monica is a rational agent, under which of the following conditions will she choose to buy? (i) The dollar value of the phone is $850. (ii) The dollar value of the phone is $950. (iii) The dollar value of the phone is $899.