Attending college involves many explicit and implicit costs.Which of the following best describes the opportunity cost of attending college?

Question

Quizplus · Accepted Answer

The opportunity cost of attending college is the most valued alternative that must be given up in order to attend college. This could be forgone income, but it could also include other opportunities or experiences that would be missed out on. Option A is incorrect because it only focuses on the explicit monetary costs of attending college. Option B is incorrect because it is too narrow and only considers forgone income as the opportunity cost. Option D is incorrect because attending college is a choice and individuals have the option to pursue other paths instead of attending college.

Attending College Involves Many Explicit and Implicit Costs