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 baseball, what is the opportunity cost?(1 point) Responses the cost of the ball the cost of the ball the net value of the jersey for the collector the net value of the jersey for the collector the cost of the jersey the cost of the jersey the net value of the ball for the collector

Answer 1

The opportunity cost of choosing to purchase the baseball instead of the hockey jersey is the net value of the jersey for the collector. This reflects the value of the best alternative forgone, which in this case is the hockey jersey that the collector could have purchased instead of the baseball.