Which of the Following Is an Opportunity Cost of Attending

question 7

Multiple Choice

Which of the following is an opportunity cost of attending college?

• A) the cost of your apartment or dorm
• B) the income you could have earned if you didn't attend college
• C) the cost of the food that you consume while you are attending college
• D) the education you gain from attending college

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Definitions:

Spreading Effect

refers to the phenomenon where the impact of a particular event, policy, or action extends or disperses across a wider area or population.

Diminishing Returns

An axiom indicating that beyond a certain level, additional investments in a given domain will not yield proportionally higher returns unless other variables are adjusted.

Variable Costs

Costs that vary directly with the level of production or output, such as materials and labor directly involved in production.

Production

The process of creating goods and services from various inputs such as labor, technology, and raw materials.