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

Responses

The opportunity cost is the consumer's benefit from purchasing the television.
The opportunity cost is the consumer's benefit from purchasing the television.

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

The opportunity cost is the difference in price between the television and computer.

Answer 1

The opportunity cost of a decision is defined as the benefit that is given up from the next best alternative when a choice is made. In this case, if the consumer chooses to purchase the television, the opportunity cost would be the benefit that the consumer would have received from purchasing the computer instead.

Therefore, the correct response is:

The opportunity cost is the consumer's benefit from purchasing the computer.