A farmer has to choose between planting wheat or corn. If he decides to plant wheat, the opportunity cost is best described as which of the following?

Opportunity cost is what a person gives up when they make a choice. In this case, if the farmer decides to plant wheat, the opportunity cost is the benefits he could have gained from planting corn instead. For example, if corn could have produced more money or food than wheat, then that potential income and food is what the farmer is giving up. Therefore, the opportunity cost of planting wheat is the value of the corn he chose not to plant. Understanding opportunity cost helps farmers make better decisions about what crops to grow.