The opportunity cost of taking a semester-long economics class is
A)the cost of tuition and fees only.
B)the value of the time spent in the classroom.
C)zero because there is no admission charged if you are enrolled in the course.
D)equal to the highest value of an alternative use of the time and money spent on the class.
E)the knowledge and enjoyment you receive from attending the class.

Question

Quizplus · Accepted Answer

The opportunity cost of taking the economics class is the highest value of an alternative use of the time and money spent on the class. This is because the student could have used that same time and money to do something else, such as working a part-time job or taking a different class that may have greater value. Therefore, the opportunity cost is the value of the next best alternative forgone, which is the highest value alternative.

The Opportunity Cost of Taking a Semester-Long Economics Class Is