Here are three things you could do if you do not attend your neighbor's barbecue: watch television with some friends (you value this at $17), read a good novel (you value this at $14), or go in to work (you could earn $16 during the barbecue). The opportunity cost of going to your neighbor's barbecue is
a. $16, because this is the only alternative of the three where you actually receive a monetary payment.
b. $14, because this is the lowest valued alternative forfeited.
c. $17, because this is the highest valued alternative forfeited.
d. $47, because this is the total dollar sum of the alternatives forfeited.
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