The Opportunity Cost for a Student of Attending College for a Year

question 215

Multiple Choice

The opportunity cost for a student of attending college for a year is measured by

• A)the benefit received by the student.
• B)the tuition paid for the year.
• C)the value of the most valued opportunity foregone by attending college.
• D)the total money outlays associated with attending college.

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Definitions:

Strategy

A plan of action designed to achieve a long-term or overall aim.

Total Cost Concept

An accounting approach that includes all costs - direct and indirect - associated with producing a good or service.

Government Agencies

Official organizations at the federal, state, or local level that administer and oversee specific functions or areas of public interest.

Product Pricing

The process of determining the financial value at which a product will be sold to consumers, balancing cost, demand, and profit objectives.