Larry Was Accepted at Three Different Graduate Schools, and Must

question 135

Multiple Choice

Larry was accepted at three different graduate schools, and must choose one. Elite U costs $50,000 per year and did not offer Larry any financial aid. Larry values attending Elite U at $60,000 per year. State College costs $30,000 per year, and offered Larry an annual $10,000 scholarship. Larry values attending State College at $40,000 per year. NoName U costs $20,000 per year, and offered Larry a full $20,000 annual scholarship. Larry values attending NoName at $15,000 per year. Larry's opportunity cost of attending State College is:

• A)$35,000
• B)$30,000
• C)$20,000
• D)$15,000

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Definitions:

Evaluative Criteria

Standards or benchmarks that are used to judge the quality or value of something, often applied in decision-making processes or assessments.

Objective Attributes

Measurable or factual features of a product or service, such as size, weight, or speed, which can be directly observed and quantified.

Subjective Attributes

Characteristics or features of a product or service that are based on personal opinions, tastes, or feelings rather than objective measures.

Temporal States

Conditions or states that are temporary and subject to change over time, often used in psychology and philosophy discussions.