Question

is the opportunity cost of something what you forgo to get that thing?

Answer 1

I don't really understand the question the way you formulated the phrase, but if I got it correctly, the oportunity cost of something you forgot to buy is the thing itself. You bought something else instead.

Answer 2

Yes, an opportunity cost is the next best thing that you forgo in making your choice. Say for example that you derive 10 utility from icecream, 8 from cake, and 3 from a cookie. If you can only choose one option then you would choose the icecream as that would give you the most utility. The opportunity cost in this example would be 8 from the utility lost by not choosing the cake.

Answer 3

opportunity price of product A is the price of what you are willing not to get (product B,C) by getting product A so in a sense your question answered your question.

Answer 4

Opportunity is defined as the NEXT best thing you could do (i.e. what you would be doing otherwise).

A classic example is labour or money in a bank.

Say you have $1million in savings and you spent that building a factory for your company. The opportunity cost is the interest you could have earned if you put that money in the bank instead of spending it.