You are considering buying a new cell phone. You narrow down your choices to the new iPhone or the new Samsung. If you choose the iPhone, what is the opportunity cost? (1 point)

Answer 1

The opportunity cost of choosing the new iPhone is the value of the next best alternative that you forgo by not selecting the new Samsung. This could include not only the features and benefits of the Samsung phone itself but also any price differences, unique functionalities, or personal preferences that may have influenced your decision. Essentially, it is what you give up in terms of benefits and utility by choosing the iPhone over the Samsung.