Which statements demonstrate the meaning of opportunity cost for producers and consumers? Check all that apply.

If producers can only produce one item, they must decide which item to produce based on profit.
Consumers are limited by their resources, and must give up the chance to purchase one item in order to buy another.
Consumers and producers are not limited by scarcity of resources or time.
When deciding to produce or purchase one item, another opportunity must be given up.
The only factor influencing opportunity cost is personal opinion.