Read the scenario. Jim owns a convenience store. He decides to invest in a hot food buffet. Between building the buffet, hiring a part-time cook, and advertising the food, he spends more than $30,000 over one year.

What is the opportunity cost of this decision?

the wages paid to keep a new cook interested in the job for a whole year
the time spent researching the local demand for hot food before paying for the new buffet
the one-time expenses needed to run the buffet, such as new cooking and safety equipment
the profits lost by not investing the money and time in another service, such as a new gas pump