The total cost of purchasing a car is:
A)the dollar amount paid for it.
B)the dollar amount paid for it plus the seller's opportunity cost.
C)the dollar amount paid for it plus the buyer's opportunity cost of time spent on buying it.
D)the dollar amount paid for it plus the seller's opportunity cost of the time spent on looking for a buyer.

Question

Quizplus · Accepted Answer

The total cost of purchasing a car includes not only the dollar amount paid for it but also the buyer's opportunity cost of time spent on buying it. This could include things like researching, negotiating, and test driving. The seller's opportunity cost or time spent on looking for a buyer is not directly relevant to the total cost of purchasing a car.

The Total Cost of Purchasing a Car Is