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A person prefers chocolate to waffles and gets both offered. What is the opportunity cost of choosing chocolate?
AGiving up both treats
BGiving up the waffles
CNothing at all to lose
DPaying for the waffles
Answer & Solution
Correct answer: B. Giving up the waffles
Choosing chocolate means forgoing the next-best alternative, the waffles, though their value is lower than the chocolate's benefit.
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