In many cases, it is reasonable to refer to the opportunity cost as the price. In many cases, it is reasonable to refer to opportunity cost as price. If your cousin buys a new bicycle for $300, the $300 measures the amount of "other consumption" he has forgone.
For practical purposes, there may be no particular need to identify the exact alternative product or products that he would have bought with that $300, but sometimes the value measured in dollars does not accurately capture the true opportunity cost. This problem can be especially great when time costs are involved.
Learn more about the opportunity cost:
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