The opportunity cost of your college education is
a. the cost of the textbooks you buy at the bookstore
b. the grades you receive in your courses
c. the actual dollar cost of your college education
d. your best alternative use of the money you spend for a college education
e. the income you earn while going to college
D
You might also like to view...
The output of a bakery is 250 loaves of bread, when 10 workers are employed. If one more worker is hired, the total output increases to 275 loaves
Given that labor is the only variable input that the bakery uses, and the market wage rate is $10, calculate the marginal cost when employment is increased from 10 to 11 workers.
The marginal rate of substitution is equal to the ________
A) marginal cost of each good B) magnitude of the slope of the indifference curve C) inverse of the slope of the budget line D) relative price of the two goods