Stupid question about waitlist and May 15 deadline

[Fumoffu]

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If you've already been accepted to schools and waitlisted to schools by May 15...

Are you expected to choose then and there where you're going? As in take only 1 acceptance or only 1 waitlist and then drop the rest?

Or are you allowed to take 1 acceptance and hold off on the waitlists?

 

[Newquagmire]

1 accept, hold all the waitlists you want