Suppose Rashida Has the Choice of Working Full Time During

question 17

Multiple Choice

Suppose Rashida has the choice of working full time during the summer or going to summer school full time.The cost of summer tuition and books are $3200.If Rashida worked, she could make $7,000.Her rent is $1,000 for the summer, regardless of her choice.What is the opportunity cost of going to summer school?  

• A) $3,200 
• B) $7,000 
• C) $8,000 
• D) $10,200

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Definitions:

Smith-Lever Act

A 1914 United States legislation that established a system of cooperative extension services, connected to the land-grant university system, to disseminate information about agriculture, home economics, public policy/government, leadership, 4-H, economic development, and many other related subjects.

Monopoly Power

The ability of a company or entity to control the market for a particular good or service, enabling them to set prices or terms of sale without competition.

Clayton Act Section 7

A provision of U.S. antitrust law that prohibits mergers and acquisitions that may substantially lessen competition or tend to create a monopoly.

Lessening Competition

refers to actions or agreements that reduce the level of competition in a market, potentially leading to monopolies or oligopolies.