Look at the following chart.

producer a’s opportunity cost would be

analyzing the climate to see which fruit would grow better.
studying the profitability of growing apples versus oranges.
researching what competitors are doing.
choosing to grow both fruit varieties or only apples.

studying the profitability of growing apples versus oranges.

Opportunity cost refers to the benefit that a person or a business misses out on when deciding to go with one alternative over another one. For example, in this case, the opportunity cost would be the benefit that the producer would lose when deciding to produce oranges instead of apples, or viceversa. The opportunity cost is a useful factor to take into account before making any business decision.

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