Which is correct? "based in reality" or "based in reality". Or are both expression acceptable?
Sorry, this title is wrong.
I mean
Which is correct? "based on reality" or "based in reality".

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Depends on the context. "Based on" means it was the base for it: "The film was based on a book". "Based in" indicates a location: "They were based in a small village."

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I think you meant "based on reality"

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They look the same to me.