You Decide to Purchase a New Car for $12,000

question 58

Multiple Choice

You decide to purchase a new car for $12,000. Upon driving the car off of the lot, the resale value of the car falls to $9,000. The opportunity cost of purchasing the car is __________ and the opportunity cost of using the car is __________.

• A)$12,000 and $9,000
• B)$12,000 and $3,000
• C)Unknown and $9,000
• D)Unknown and $3,000

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Definitions:

1950s

A decade characterized by significant cultural, social, and political changes worldwide, marking the midpoint of the 20th century.

Critical Theory

A broad philosophical approach to culture, literature, and society that seeks to challenge and destabilize established norms and perspectives, often emphasizing power relations and social injustices.

The Frankfurt School

A group of mid-20th-century social theorists associated with the Institute for Social Research in Frankfurt, Germany, known for their critiques of capitalist society and mass culture.

Max Weber

A German sociologist, philosopher, and political economist who significantly influenced social theory by emphasizing the importance of cultural and societal aspects on economic and political developments.