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B) Opportunity cost is the second or the next best alternative that is sacrificed for a chosen alternative. (Layton, Robinson & Tucker, 2016, p. 33) The opportunity cost is classified as an option that is given up as best alternative and will therefore not be where Bill spends $10 to purchase the action figure. So therefore, in this case the opportunity cost of buying the action figure is the Batman Graphic Novel because the graphic novel is the best alternative which has been sacrificed and the action figure is a chosen alternative by Bill. It cannot be an X Men T-Shirt because the graphic novel was Bill’s close second choice. (next best alternative)

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