Question
You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs?
the difference between the cost to produce the CDs and the price you paid for them
spending $30 on dinner and a movie with your friends this Saturday night
knowing you are the first of your friends to have these CDs
spending $30 on two new CDs
the difference between the cost to produce the CDs and the price you paid for them
spending $30 on dinner and a movie with your friends this Saturday night
knowing you are the first of your friends to have these CDs
spending $30 on two new CDs
Answers
GPT-4o mini
The opportunity cost of an action is what you forego by choosing that action instead of the next best alternative. In this scenario, the best alternative you could have pursued with the $30 you spent on the two new CDs is the next best use of that money.
Among the options given, the appropriate opportunity cost for purchasing the CDs is:
**spending $30 on dinner and a movie with your friends this Saturday night.**
This option represents the next best alternative that you would have enjoyed or experienced instead of the CDs. The other options do not reflect the concept of opportunity cost as directly as this one does.
Among the options given, the appropriate opportunity cost for purchasing the CDs is:
**spending $30 on dinner and a movie with your friends this Saturday night.**
This option represents the next best alternative that you would have enjoyed or experienced instead of the CDs. The other options do not reflect the concept of opportunity cost as directly as this one does.