The opportunity cost for the sports collector who chooses to purchase the hockey jersey instead of the baseball is A. the cost of the ball.
- In Economics, opportunity cost is described as the forgone benefits from an alternative not chosen.
- Opportunity cost refers to the benefits that is lost when an alternative course of action is preferred to another or when a product or service is chosen instead of its alternative.
- Opportunity cost is not the net value of the jersey or the ball or the cost of the jersey.
Thus, opportunity cost is the cost of the baseball that was not preferred since the benefit to be derived from the ball equals the cost.
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