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 net value of the ball for the collector
the net value of the ball for the collector

the cost of the jersey
the cost of the jersey

the net value of the jersey for the collector
the net value of the jersey for the collector

the cost of the ball

Answer 1

The opportunity cost is defined as the value of the best alternative foregone when a choice is made. In this scenario, if the collector chooses to purchase the hockey jersey, the opportunity cost would be the value of the baseball that could have been purchased instead.

Therefore, the correct response is:

the net value of the ball for the collector.