Question

Opportunity cost is not just about monetary cost; it includes anything other than the price of a good that a consumer gives up in order to buy his or her good of choice. Looking to invest in his first pair of dress shoes, Sean is deciding between a pair of slip-on shoes and a pair of traditional lace-up wingtips. In this case, the slip-ons cost $50 more than the Wingtips. Which of the following should be included in the opportunity cost of buying the slip-ons?
Included in the Opportunity Cost
i. the classic look of traditional wingtips
ii. the savings that would come from buying the wingtips the money
iii. the no-lace convenience of slip-ons
iv. the pride that comes with wearing the more expensive shoes

Answer 1

The answer choices which should be included in the opportunity cost of buying the slip-ons is:

• A. The classic look of traditional wingtips

Opportunity Cost

This is a term that is well known in the field of economics and is used to show the foregone alternative when a person is making a choice about a particular good or item.

With this in mind, we can see that Sean had to give up some things and these are what we can see as his opportunity cost even though they are not of monetary cost.

Therefore, the correct answer is option A

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