Emma is trying to decide whether to buy a new laptop. As a student, she has a budget and wants to make sure this is the right financial decision. Which question should she ask herself in determining the opportunity cost of this purchase?
Answer
A
Do I need this laptop for my studies?
B
Can I use credit to buy this laptop?
C
Is there a less costly alternative to buying this laptop?
D
What will I have to sacrifice if I buy this laptop?
Explanation
Opportunity cost is the value of the next-best option given up when making a choice. Emma should ask what she will have to sacrifice by spending her budget on the laptop. Asking whether there is a cheaper alternative may help her compare prices, but it does not directly identify what she gives up.
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