Which Person Has the Highest Opportunity Cost of Obtaining a College

question 174

Multiple Choice

Which person has the highest opportunity cost of obtaining a college degree (assuming that attending college requires giving up his or her current position) ?

• A)Bill, who is unemployed.
• B)Jane, who is an unwed mother and earns $15,000 a year.
• C)Larry, who is a technician in the Navy earning $18,000 a year with free food and housing.
• D)Mary, who has a job earning $60,000 a year as a computer programmer.
• E)Unable to determine from the data given.

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Definitions:

Income

The financial gain received by an individual or a business in exchange for providing a good or service or through investing capital.

Price

The amount of money required to purchase a good or service, determined by factors such as demand, supply, and production cost.

Law Of Demand

The claim that, other things being equal, the quantity demanded of a good falls when the price of the good rises

Price

The monetary value assigned to a product or service, determined by various factors including supply and demand, production cost, and market competition.