Questions: n 5 of 16 In which of these scenarios is there no opportunity cost? It's Friday night, and you stay up late talking and hanging out with your friends. The chemistry club is giving out free pizza for lunch to all who come to their meeting to get it. Naomi, age 8, is at a bookstore and chooses to buy a book about a young wizard instead of buying a math textbook that she would probably never open. Chez Moi and Chez Nous, two premiere French restaurants with three Michelin stars, both offer you a full time sous chef job at the same salary. You are ecstatic because you know it is a win-win scenario and choose to work for Chez Nous. All of these scenarios have an opportunity cost.

The answer is the second one: The chemistry club is giving out free pizza for lunch to all who come to their meeting to get it.

Explanation for each option:

1. It's Friday night, and you stay up late talking and hanging out with your friends.

   • Opportunity Cost: The time spent hanging out with friends could have been used for other activities, such as studying, sleeping, or engaging in a hobby. Therefore, there is an opportunity cost.

2. The chemistry club is giving out free pizza for lunch to all who come to their meeting to get it.

   • Opportunity Cost: In this scenario, the pizza is free, and the only cost is the time spent attending the meeting. However, if the meeting is during a time when you have no other commitments or better alternatives, the opportunity cost is negligible or non-existent. This is the closest scenario to having no opportunity cost.

3. Naomi, age 8, is at a bookstore and chooses to buy a book about a young wizard instead of buying a math textbook that she would probably never open.

   • Opportunity Cost: Naomi's choice to buy the book about a young wizard means she forgoes the opportunity to buy the math textbook. Even if she would never open the math textbook, the money spent on the wizard book could have been used for something else. Therefore, there is an opportunity cost.

4. Chez Moi and Chez Nous, two premiere French restaurants with three Michelin stars, both offer you a full-time sous chef job at the same salary. You are ecstatic because you know it is a win-win scenario and choose to work for Chez Nous.

   • Opportunity Cost: Choosing to work for Chez Nous means you forgo the opportunity to work for Chez Moi. Even if both jobs offer the same salary and prestige, the experience and environment at each restaurant could be different, representing an opportunity cost.

Summary: The scenario with the chemistry club giving out free pizza has the least or no opportunity cost, as the pizza is free and the time spent attending the meeting may not have a significant alternative use.