After three years at an expensive college, Pierre realizes that he doesn't want to finish school but really wants to be a chef. When Pierre suggests that he leave college for culinary school, his parents insist that he stay for one more year to get his degree. Which of the following is TRUE? Pierre's parents are correct: if he leaves college, it is as though he has wasted three years of tuition. Pierre's parents are wrong: the marginal benefit to Pierre of another year of college is less than the marginal cost of college. It is impossible to tell who is correct. Pierre's parents are wrong: the marginal benefit to Pierre of another year of college is greater than the marginal cost of college.
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