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A consumer must decide between purchasing a new cell phone or renting a new car. Why might determining the opportunity cost be uncertain

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chilljain33

When a consumer has to decide between buying a new smartphone or renting a new car, the determination of opportunity costs is difficult, as both the expenses have different utilities.

What is opportunity cost?

The cost, which is undergone in order to let go of an alternative divestment of such cost, is known as an opportunity cost. An opportunity costs may be backed by emotions and other external factors.

Hence, the significance of opportunity costs is given above.

Learn more about opportunity cost here:

https://brainly.com/question/13036997

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