You have $1 to spend on a vending machine snack.A bag of chips will cost you $1 and a candy bar will also cost you $1.If you choose the bag of chips,the opportunity cost of buying the chips is:
A)$1 plus the enjoyment you would have received from the candy bar.
B)$2 minus the enjoyment you received from the bag of chips.
C)$1.
D)the enjoyment you would have received from the candy bar.

Question

Quizplus · Accepted Answer

The opportunity cost of choosing one option over another is the value of the opportunity lost. In this case, it's the enjoyment you would have received from the candy bar, since that's what you give up by choosing the bag of chips.

You Have $1 to Spend on a Vending Machine Snack