You have the option of consuming one can of soda or two cookies or three oranges. You picked the can of soda. Therefore the opportunity cost of this can of soda is
A) the price of the can of soda.
B) the difference in the prices of these three products.
C) the price of the cookies as they are not usually consumed with soda.
D) either the cookies or the oranges, whichever you like more.

Question

Quizplus · Accepted Answer

The opportunity cost of choosing one option over others is the value of the next best alternative foregone. In this case, it's either the cookies or the oranges, depending on which one you value more and would have chosen if you hadn't picked the soda.

You Have the Option of Consuming One Can of Soda