During the Summer You Have Made the Decision to Attend

question 194

Multiple Choice

During the summer you have made the decision to attend summer school, which prevents you from working at your usual summer job in which you normally earn $6,000 for the summer. Your tuition cost is $3,000 and books and supplies cost $1,300. The opportunity cost of attending summer school is

• A) $10,300.
• B) $4,300.
• C) $3,300.
• D) $6,000.

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Definitions:

Government

The organization, or system by which a community or nation is governed, responsible for creating and enforcing laws.

Consumer Surplus

The offset between what customers are willing and able to pay for a service or product and what they actually expend.

Consumer Surplus

The distinction between the ideal spending amount of consumers on a good or service and their actual expenditure.

Government

The organization that is the governing authority of a political unit, responsible for creating and enforcing laws and managing public services.