Which of the Following Is the Correct Opportunity Cost to Consider

question 18

Multiple Choice

Which of the following is the correct opportunity cost to consider if you are trying to choose one 3-hour elective course (A) over another 3-hour elective course (B) ?

• A)The tuition cost of a 3-hour course
• B)Your total tuition costs for the year with and without the course
• C)The information and learning from (B)that you will give up if you choose (A)
• D)The marginal costs of taking one more course

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Definitions:

Utility Function

A numerical depiction of the ranking of a consumer's preferences among various products or results.

Private Consumptions

Expenditure by households and non-profit institutions serving households on goods and services used for individual consumption.

Total Amount

The aggregate sum of all units or quantities in consideration.

Pareto Optimal

A state of allocation of resources from which it is impossible to reallocate without making at least one individual worse off.