Which of the Following Is an Opportunity Cost of Going

question 148

Multiple Choice

Which of the following is an opportunity cost of going to college?  

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

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Definitions:

Long Run

A period in economic theory during which all factors of production and costs are variable.

Average Costs

Average costs are calculated by dividing the total costs of production by the quantity of output produced, often used to assess cost efficiency.

Output Increases

A rise in the amount of goods or services produced by an entity.

Average Costs

The total cost of production divided by the number of goods produced; it decreases as production increases.