The opportunity cost for a student of attending college for a year is measured by
A)the benefit received by the student.
B)the tuition paid for the year.
C)the value of the most valued opportunity foregone by attending college.
D)the total money outlays associated with attending college.

Question

Quizplus · Accepted Answer

Opportunity cost refers to the value of the next best alternative foregone by choosing a particular option. In the case of a student attending college, the opportunity cost is the value of the most valued opportunity that they could have pursued instead of attending college. This could include working and earning money, pursuing a different educational program or opportunity, or engaging in other activities that could increase their overall well-being. The benefit received, tuition paid, and total money outlays associated with attending college are all relevant factors to consider, but they do not capture the full opportunity cost of attending college.

The Opportunity Cost for a Student of Attending College for a Year