Final answer:
An opportunity cost is always a relevant cost, as it represents the value of the best alternative foregone when a decision is made. It's a key concept in understanding the trade-offs involved in making choices and is integral to the decision-making process.
Step-by-step explanation:
An opportunity cost is always a relevant cost. Opportunity cost refers to the value of the next best alternative that is foregone to pursue a certain action or choice. For instance, if you choose to go to the movies over working at a part-time job, the wages you would have earned at the job represent the opportunity cost of watching the movie. It's the trade-off involved in any decision where you must choose between multiple options.
In the case of Alphonso choosing between a burger and four bus tickets—the opportunity cost of the burger is the four bus tickets he has to give up. The determination of whether to choose the burger over the bus tickets depends on which option provides greater value to him. Hence, opportunity costs are inherent in every decision we make, as we evaluate which options align best with our needs and desires.
Sometimes the monetary price might not accurately represent the true opportunity cost, especially when the time is one of the resources being considered. This highlights the importance of evaluating all aspects of the trade-offs we face in our choices.