The term "opportunity cost" is best defined as:
1. the amount of money paid for an item.
2. the amount of money paid for an item, taking inflation into account.
3. the amount of money paid for an item, taking possible discounts into account.
4. the benefit associated with a rejected alternative when making a choice.
5. an irrelevant decision factor.

4. the benefit associated with a rejected alternative when making a choice.

Explanation:

Opportunity costs refer to the foregone benefit as a result of choosing one option over the another. It is the value of the missed best alternative. For example, with $100, one can either watch a movie or have a meal. If having a meal is chosen, the joy derived from watching the movie is the opportunity cost.

Opportunity cost is occasioned by the scarcity of resources, including time. Individuals and firms have to make economic choices every day. The sacrificed benefit in every decision is the opportunity cost.

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