question 5 / 10\nyou received $50 as a birthday gift and chose to spend it on new wallpaper for your room…

question 5 / 10\nyou received $50 as a birthday gift and chose to spend it on new wallpaper for your room. the opportunity cost of this decision is:\na. the price of the wallpaper you bought.\nb. the other items you could have purchased with your $50.\nc. the time you could have spent doing other things.\nd. all of the above

question 5 / 10\nyou received $50 as a birthday gift and chose to spend it on new wallpaper for your room. the opportunity cost of this decision is:\na. the price of the wallpaper you bought.\nb. the other items you could have purchased with your $50.\nc. the time you could have spent doing other things.\nd. all of the above

Answer

Brief Explanations:

Opportunity cost is the value of the next - best alternative forgone. When spending $50 on wallpaper, the opportunity cost is what else could have been bought with that $50. The price of the wallpaper is the actual cost, not the opportunity cost. The time spent is a separate concept from the opportunity cost related to the money spent.

Answer:

B. The other items you could have purchased with your $50.