Economic losses are known as opportunity costs. Read the following scenario and then answer two questions about trade-offs and opportunity costs. Carlos's favorite rock band is playing a concert near him, and a ticket to the concert is $50. However, none of Carlos's friends can afford to go to the concert with him. Instead, they want to go see the latest blockbuster movie at the local theater because tickets are only $10. If Carlos decides to go see the movie with his friends, he can also afford to go out to dinner with them beforehand. However, if he decides to go to the concert, he cannot afford to eat at the restaurant. Carlos considers these factors and decides to attend the concert because his favorite band rarely comes to his area. a. What trade-offs did Carlos have to make when he decided to attend the concert? b. What was the opportunity cost