Final answer:
The colon is used correctly in the sentence.
Step-by-step explanation:
Yes, the colon is used correctly in this sentence. A colon is used to introduce a list, an explanation, or a quotation. In this sentence, the colon is used to introduce the quotation "Compare your favorite movie to a Renaissance sonnet." It indicates that what follows the colon is a direct quotation from Professor Merton's assignment.
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