Which scenario best illustrates the concept of opportunity cost?

The scenario that best illustrates the concept of opportunity cost is when a firm chooses to produce plastic tableware instead of plastic storage bins. Opportunity cost refers to the value of the next best alternative that is forgone when making a decision. In this case, by opting to produce tableware, the firm is giving up the potential benefits and profits it could have gained from producing storage bins. This choice highlights the trade-offs in resource allocation, as the firm's resources (such as labor, materials, and time) are limited, and choosing one option inherently means forgoing another.

The other scenarios do present important economic concepts, but they do not directly illustrate opportunity cost as clearly as the chosen scenario does. For instance, the situation regarding protectionist policies deals more with government intervention and market dynamics, while the consumer's reaction to price changes speaks to demand elasticity rather than the cost of alternatives. Lastly, the government allocating funds to job training programs highlights the decision-making process during economic downturns without focusing on the trade-offs of foregone opportunities.