ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You will spend lots of time studying
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There may be a lot of social distractions
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You will become more educated
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You will be paying a lot of money
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Detailed explanation-1: -In short, the opportunity cost of going to college is the cost of tuition, any associated costs, and any income, experience, and pleasure you miss out on because you choose to attend college.
Detailed explanation-2: -An opportunity cost is defined as the value of a forgone activity or alternative when another item or activity is chosen. Opportunity cost comes into play in any decision that involves a tradeoff between two or more options. It is expressed as the relative cost of one alternative in terms of the next-best alternative.
Detailed explanation-3: -Expert-Verified Answer Tuition fee cost-The amount to be paid to the college. Associated expenses-Along with tuition fees. Income Source-Amount of money you could have earned if you did not decide to study in college. Previous Experience-Any experience gathered before admission to college.
Detailed explanation-4: -Which of the following best describes the opportunity cost of a year of college? The dollar value of tuition, books, room and board, and all associated explicit expenses.