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24 July, 07:41

Margo spends $30,000 on one year's college tuition. The opportunity cost of spending one year in college for Margo is:

A. whatever she would have earned had she not been in college.

B. whatever she would have purchased with the $30,000 instead.

C. whatever she would have purchased with the $30,000 plus

D. whatever she would have earned had she not been in college. $30,000.

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  1. 24 July, 11:05
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    Purchases she could have made with $30,000 plus the earnings foregone

    Explanation:

    Opportunity cost refers to the benefit obtained from the next best alternative.

    Here, the opportunity cost of spending a year in the college is the purchases worth of $30,000 that she would have do it and the money income that she would have earned it.

    Opportunity cost can be represented in terms of monetary and non monetary.
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