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)

Question

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 purchasing the hockey jersey is the net value of the ball for the collector. The opportunity cost represents the value of the next best alternative that is forgone when making a choice. In this case, if the collector chooses the jersey, they give up the chance to own the baseball, which has its own value to them. Therefore, the correct response would be:

the net value of the ball for the collector.