A consumer must decide between purchasing a new television or a new computer. If the consumer chooses the television, then what is the opportunity cost of this decision? (1 point)

Question

The opportunity cost is the difference in price between the television and computer.
The opportunity cost is the difference between the benefit from
• purchasing the television and the benefit from purchasing the computer.
• The opportunity cost is the consumer's benefit from purchasing the computer.
The opportunity cost is the consumer's benefit from purchasing the television.

Answer 1

The opportunity cost of choosing the television over the computer is the benefit that the consumer would have received from purchasing the computer instead. This could include any potential productivity gains, entertainment value, or other benefits that would have been gained from having a new computer.