Suppose a community garden received a donation and allowed board members to vote on how the funds were to be spent. Three options were provided, with the donation only covering the cost of one project. The projects included purchasing another property to expand the gardens, upgrading tools and purchasing new equipment, and installing a new fence. The majority of members voted for upgrading tools and equipment, with installing a new fence coming in second. Since only one project could be funded, what is the opportunity cost of the decision to upgrading tools and equipment?

There is no opportunity cost since it was purchased using a donation.

Both installing a new fence and purchasing property.

Installing a new fence.

The dollar cost of upgrading tools and equipment.