For each of the five situations below, identify the opportunity cost of the person's choice. Describe the choice and opportunity cost of each situation. "Use a sentence that begins "When...chose the..., his/her opportunity cost was...".

Question

For each of the five situations below, identify the opportunity cost of the person's choice. Describe the choice and opportunity cost of each situation. "Use a sentence that begins "When...chose the..., his/her opportunity cost was...".

Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet. He selected the Ford because he liked the interior a little better. What was his opportunity cost?

Answer 1

When Joe chose the Ford truck, his opportunity cost was not choosing the Chevrolet truck.

Answer 2

When Joe chose the Ford truck, his opportunity cost was not choosing the Chevrolet truck, which he had liked but did not select because he preferred the Ford's interior.

Answer 3