An example of opportunity cost: a. is sweets given up by a person who would never eat them even if he or she could. b. is the chinese food that you gave up when you chose to eat italian food. c. is the amount spent on buying movie tickets. d. for a professor of economics is the pleasure that he or she derives from teaching economics. e. is the tuition that you pay to attend college.

b. Is the Chinese food that you gave up when you chose to eat Italian food.

Explanation: Opportunity cost refers to the cost of the next best alternative foregone or sacrificed. When an individual chooses to take a certain action, then his opportunity cost of doing that will be the alternatives that he has foregone.

IT can be expresses as,

When the individual chooses Chinese food when he could have choose to eat Italian food, his opportunity cost will be the Chinese food that you gave up.

For other options there is no information on what was given up.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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