Which of the following statements is true concerning marginal benefit and marginal cost of education?

Question

Quizplus · Accepted Answer

In general, the marginal private benefit of education (i.e., the additional benefit received by the individual from pursuing one more year of education) is greater than the marginal private cost (i.e., the additional cost incurred by the individual in pursuing one more year of education). This implies that individuals will typically choose to continue their education up to the point where their marginal benefit equals their marginal cost. However, in the early years of education (e.g., primary school), the marginal cost may be relatively low while the marginal benefit may be relatively high (e.g., learning basic skills that are essential for future learning). Therefore, choice C is the most accurate option.

Which of the Following Statements Is True Concerning Marginal Benefit