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For each of the five situations below, identify the opportunity cost of the person's choice. Describe the choice and opportunity cost of each situation. "Use a sentence that begins "When...chose the..., his/her opportunity cost was...".
Mary was shopping in a clothing store. She had $100 to spend. She found three items she liked: $99 for a pair of shoes, $98 for a jacket, and $96 for a dress. After over an hour of shopping, she decided to buy the jacket for $98. What was her opportunity cost?
Bot GPT 3.5
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Step-by-Step Bot
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When Mary chose to buy the jacket for $98, her opportunity cost was not being able to buy the pair of shoes for $99 or the dress for $96.
Explain Bot
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