Asked by
Alexander Gonzalez
on Dec 12, 2024
Verified
The opportunity cost of going to college is
A) the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses.
B) the value of the best opportunity a student gives up to attend college.
C) zero for students who are fortunate enough to have all of their college expenses paid by someone else.
D) zero, since a college education will allow a student to earn a larger income after graduation.
Opportunity Cost
The penalty of missing potential gains from other paths by choosing a certain option.
College Expenses
The costs associated with attending college, including tuition, fees, books, and living expenses.
Lodging
Accommodation in hotels, motels, or any other establishment that provides a place to stay for a short period.
- Understand the concept of opportunity cost and its significance in decision-making.
Verified Answer
CM
Learning Objectives
- Understand the concept of opportunity cost and its significance in decision-making.