You have rented your first apartment, signing a lease that commits you to pay $500 each month for 12 months. You have an opportunity to take a trip to Europe during the entire month of June and you will spend $2,000 traveling. Your apartment will be vacant, but because of your lease, you must pay the rent. The cost of taking the trip to Europe is:
a. $2,000, because the $500 for your June rent is a sunk cost
b. $2,500, because this is your total spending during the month of June
c. $1,500, because the June rent is an opportunity cost of traveling that must be deducted from the explicit cost of the trip.
d. $2,500, because the June rent is an opportunity cost of traveling and must be added to the explicit cost of the trip
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