Suppose That Your Tuition to Attend College Is $5,000 Per

question 103

Multiple Choice

Suppose that your tuition to attend college is $5,000 per year and you spend $5,000 per year on room and board.If you were working full time,you could earn $22,000 per year.What is your opportunity cost of attending college?

• A) $13,000
• B) $27,000
• C) $30,000
• D) $35,000

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Definitions:

Materials

Raw elements or substances used in the production or manufacturing of goods.

Variable Costs

Costs that change in proportion to the level of output or activity.

Total Costs

The sum of all expenses associated with the production of goods or services, including both fixed and variable costs.

Output

The amount of goods or services produced by a person, machine, factory, or country.