Ben goes on a shopping trip for a road trip. He only has $20 to spend. He wants to buy sunglasses, magazines, a video game, and some snacks. Since he cannot buy everything with $20, Ben decides to purchase the snacks and sun glasses. What is the opportunity cost of his purchase? Select the TWO correct answers.
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2 points
Video Game
Snacks
Magazines
Sunglasses
The opportunity cost of Ben's purchase is the value of the next best alternative that he gave up in order to buy the sunglasses and snacks. In this case, the two correct answers would be:
1) Video Game - Ben decided not to buy the video game, so the opportunity cost is the value of the video game that he could have purchased with his $20.
2) Magazines - Ben decided not to buy magazines, so the opportunity cost is the value of the magazines that he could have purchased with his $20.