When one forgoes buying a new television set because he or she spends the money on college books,the television set is the opportunity cost of buying the books.

Question

Quizplus · Accepted Answer

This statement correctly describes the concept of opportunity cost, which refers to the value or benefit of the next best alternative that is forgone when choosing one option over another. In this case, the opportunity cost of buying college books is the value or benefit that could have been gained from buying a new television set instead.

When One Forgoes Buying a New Television Set Because He