"The plan, Mr. Hammer, is for you to shut up and if you get slaughtered I'm quite sure it would be a favor and mercy for us all," Magnus said with a surprising measure of calm given the situation. Truthfully, of course, he had no immediate plan beyond trying to fight the beast. The woman was probably correct in her assumption that entertainment meant death and if the "man" (the term being used very loosely) who brought them here would so easily kidnap strangers from another universe then surely he had no qualms with pitting them against a giant dragon in a fight to the death.
The stranger's second point also appeared valid- if this were to be remotely interesting for viewers of this reality television program, then the dragon had to have some sort of weakness that would buy them more time in the ring before it (likely) devoured each of them them or one of them (miraculously) defeated it. Magneto had no idea about his companions, but he was rather in the mood for miraculous. In spite of this, however, it would still be best to test the waters. "Ladies first," he murmured and gestured Medusa forward to try her hand with the creature before he glanced disdainfully back at Hammer, "Or cowards."