Asked by Mayra Tirado Hernandez on Jul 11, 2024
Verified
For which of the following individuals would the opportunity cost of going to college be highest?
A) A promising young mathematician who will command a high salary once she earns her college degree
B) A student with average grades who has never held a job
C) A famous, highly paid actor who wants to take time away from show business to finish college and earn a degree
D) A student who is the best player on his college basketball team, but who lacks the skills necessary to play professional basketball
Opportunity Cost
The expense associated with not choosing the second-best option when a decision or choice is made.
College Degree
An academic degree awarded by colleges and universities upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional practice.
Highly Paid Actor
An individual in the acting profession who receives a significantly higher remuneration compared to peers due to factors such as talent, demand, and box office appeal.
- Comprehend the principle of opportunity cost and its impact on personal choices.
- Ascertain and tally the opportunity cost connected to a range of decisions.
Verified Answer
EF
Eseta FinauJul 11, 2024
Final Answer :
C
Explanation :
The opportunity cost of going to college is highest for the individual who has to give up the most in terms of foregone earnings or opportunities. A famous, highly paid actor would likely forego significant income and opportunities in show business to attend college, making their opportunity cost the highest among the options provided.
Learning Objectives
- Comprehend the principle of opportunity cost and its impact on personal choices.
- Ascertain and tally the opportunity cost connected to a range of decisions.