High-School Athletes Who Skip College to Become Professional Athletes

question 20

Multiple Choice

High-school athletes who skip college to become professional athletes

• A)obviously do not understand the value of a college education.
• B)usually do so because they cannot get into college.
• C)understand that the opportunity cost of attending college is very high.
• D)are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for high-school athletes.

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Definitions:

Marginal Utility

The additional satisfaction or benefit a consumer receives from consuming one more unit of a good or service.

Consumed

The act of using up a good or service, thus removing it from the market and contributing to economic activity.

Marginal Utility

The variation in pleasure or usefulness a consumer feels from using one more unit of a product or service.

Diminishing Marginal Utility

The principle that as a consumer consumes more of a good or service, the additional satisfaction gained from consuming an additional unit decreases.