Suppose you are deciding whether to spend your tax rebate check on a new iPod or a new digital camera. You are dealing with the concept of

A) equity.
B) comparative advantage.
C) opportunity costs.
D) the fallacy of composition.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing to do one thing over another.

Tax Rebate

A refund on taxes when the tax liability is less than the taxes paid.

Digital Camera

An electronic device that captures and stores photographs in digital form, allowing them to be viewed, transferred, or printed.