Question

The opportunity cost of going to college is a. the total money spent on food, clothing, books, transportation, tuition, lodging, and other expenses. b. the value of the best opportunity a student gives up to attend college. c. zero for students who are fortunate enough to have all of their college expenses paid by someone else. d. zero, since a college education will allow a student to earn a larger income after graduation.

Answer 1

Answer:  the value of the best opportunity a student gives up to attend college

Explanation: Opportunity cost is the cost of loosing benefits that one could have received if he or she would have chosen one alternative over the other. Usually the chosen alternative is the best and the rejected one is the second best.

Therefore, if a student decides to get to college the other opportunities that he might have chosen like doing a job or business is his opportunity cost.

Hence from the above we can say that the right option is B.

Answer 2

Answer:

b. the value of the best opportunity a student gives up to attend college.

Explanation:

The opportunity cost of going to college is the value of the best opportunity a student gives up to attend college.