The opportunity cost of attending college is
A) the money one spends on college tuition, books, and so forth.
B) the highest valued alternative one forfeits to attend college.
C) the least valued alternative one forfeits to attend college.
D) equal to the salary one will earn when one graduates from college.
B
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An import quota is
A) a quantity restriction. B) a price ceiling. C) a price floor. D) something imposed on agricultural goods grown by American farmers.
When quantities of two goods belong to the same indifference curve, which of the following is true?
a. The combinations of the two goods along the indifference curve yield the same total utility. b. Prices of the two goods are equal. c. Marginal utilities of both goods are equal. d. The total utility of all combinations above the curve equal zero.