A city government decides to use its limited budget to build a new public library instead of renovating the local community pool. The value of the renovated community pool that the city gave up represents the?

✓ Correct Answer: Option B

Opportunity cost is the value of the next best alternative that was not taken when a decision was made. By choosing to build the library, the city gave up the opportunity to renovate the community pool, making the pool's renovation the opportunity cost.