Comment on the statement from an opportunity cost perspective: “The major cost of going to college is the $15,000 per year in tuition.” Assume that a person could have earned $30,000 a year if the person did not go to college
Please provide the best answer for the statement.
Tuition is only one part of the cost of going to college. The major cost of going to college for most people is the forgone income that could have been earned working full-time. Let’s say a person had a choice of going to college with a yearly tuition of $15,000 or working full-time at a job that paid $30,000 a year. In this case, the opportunity cost of going to college would be $45,000 ($15,000 in tuition paid plus the $30,000 in forgone income).
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a. True b. False Indicate whether the statement is true or false