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

Question

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

Quizplus · Accepted Answer

The term "opportunity cost" refers to the value of the next best alternative foregone. In this case, the opportunity cost of buying new clothes is the cost of not attending the college team's away game. So, the answer is C.

Jim Spent $300 Some New Clothes Rather Than Using This