The opportunity cost of choosing to spend a birthday gift on new wallpaper will be $50.
A sacrifice of work made in order to spend on alternatives, added to the difference between the returns derived out of such engagement of money, is known as opportunity cost.
When a person decides to spend his $50 on new wallpaper for the room, the opportunity cost will be $50, as no further money is left with the person and no additional returns are derived.
Hence, it can be stated that the opportunity cost for the above-mentioned situation will be $50.
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