Question

The opportunity cost of producing a bicycle refers to Group of answer choices the marginal cost of the last bicycle produced. the bicycle's retail price. the out-of-pocket payments made to produce the bicycle. the value of the goods that were given up to produce the bicycle.

Answer 1

the value of the goods that were given up to produce the bicycle.

Step-by-step explanation:

Opportunity cost is the cost of the next best option forgone when one option is chosen over other alternatives.

the opportunity cost of purchasing the bicycle is the value of other things that could have been bought instead of the bicycle