Jim spent $300 on some new clothes rather than using this money to going to his college team's away game last weekend.The benefits of the trip are the ____ cost of buying the clothing.
A)marginal
B)utility
C)opportunity
D)present

Question

Quizplus · Accepted Answer

The concept of opportunity cost refers to the benefits that could have been attained from the next best alternative foregone, which in this case is going to the away game with the college team.

Jim Spent $300 on Some New Clothes Rather Than Using