The Opportunity Cost of Your College Education Is

question 176

Multiple Choice

The opportunity cost of your college education is:

• A) c and d.
• B) d and e.
• C) the actual dollar cost of your college education.
• D) your best alternative use of the money you spend for a college education.
• E) money you could have earned working instead of going to college.

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Definitions:

Public Goods

Non-excludable and non-rivalrous products or services that are accessible to all members of a society, such as public parks or national defense.

Common Resources

Goods that are non-excludable and rivalrous, where usage by one person diminishes others' ability to use them, often leading to overuse.

Rival In Consumption

A characteristic of a good or service that means its use or consumption by one individual prevents simultaneous use or consumption by other individuals.

Fire Protection

The study and practice of mitigating the unwanted effects of potentially destructive fires.