Elena's aunt gave her $100 for her birthday with the condition that Elena buys herself something. In deciding how to spend the money, Elena narrows her options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally, she decides on Option B. The opportunity cost of this decision is

b. the value to Elena of the option she would have chosen had Option B not been available.

Explanation:

The opportunity cost of a course of action is the value of the next best alternative that would have been chosen had the current action not been undertaken.

The opportunity cost to Elena therefore, is the value of whatever option she would have chosen had option B not been available because that would have been the next best alternative.

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