Question

A sports collector is considering the purchase of either a hockey jersey or a baseball that was struck for a home run. If the collector chooses to purchase the jersey, what is the opportunity cost?(1 point)

the cost of the jersey

the cost of the ball

the net value of the jersey for the collector

the net value of the ball for the collector

Answer 1

The opportunity cost in the presented situation is the cost of the ball

The opportunity cost is an economic term that refers to the cost of the alternative that we give up when we make a certain decision, including the benefits that we could have obtained from having chosen the alternative option.

According to the above, the opportunity cost in the situation presented is the cost of the ball (option B) because the collector gave up this opportunity and preferred to buy the hockey jersey.

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