What Is the Opportunity Cost of Going to University

question 130

Multiple Choice

What is the opportunity cost of going to university?

• A)the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses
• B)the value of the best opportunity a student gives up to attend university
• C)zero for students who are fortunate enough to have all of their college expenses paid by someone else
• D)zero, since a college education will allow a student to earn a larger income after graduation

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Definitions:

Marginal Revenue

The revenue boost from selling an additional unit of a good or service.

Iguanas

Large, herbivorous lizards native to Central and South America, known for their distinctive appearance, including dorsal spines and dewlaps.

Elastic Demand

A scenario in which there's a notable shift in the demand for a product or service due to a variation in its price.

Total Revenue

The entire amount of income generated by the sale of goods or services before any costs or expenses are deducted.