A consumer wanted to buy a new camera and a new armchair. She was willing to pay $500 for either item. She found that the camera was priced at $450 and the armchair at $500. She chose the camera. What were her opportunity cost and her consumer surplus?
- Aopportunity cost: the armchair; consumer surplus: $50
- Bopportunity cost: the armchair; consumer surplus: $500
- Copportunity cost: $50; consumer surplus: $450
- Dopportunity cost: $450; consumer surplus: $50