What is the opportunity cost of attending a university for a year?
A) the size of the student loans the student becomes responsible for
B) the tuition fees incurred
C) the value of the best opportunity or opportunities forgone in order to enrol for the year
D) the sum of all expenditures on rent, food, books, and tuition incurred during the school year

Question

Quizplus · Accepted Answer

The opportunity cost of attending a university for a year is the value of the best opportunity or opportunities forgone in order to enrol for the year. This includes not only the direct costs such as tuition fees and living expenses but also the potential earnings and opportunities that may have been available if the student did not attend university. The size of student loans, tuition fees, and other expenditures are important factors to consider, but they are not the opportunity cost itself.

What Is the Opportunity Cost of Attending a University for a Year