Here are the costs of going to college: tuition $5,000; books $200; housing $1,000; food $1,000; lost income from work $10,000. Studying and work are equally desirable in your mind. Suppose that you could work part-time and make $5,000 at a job you would volunteer to do. You live on campus instead of at home. What is the cost of going to school?
A. $7,200
B. $11,200
C. $5,200
D. $16,200
Answer: B
You might also like to view...
What are the shapes of the AVC curve and the ATC curve and why do they have these shapes?
What will be an ideal response?
In the long run, firms in a perfectly competitive market produce:
A. where average variable costs are minimized. B. at a quantity with positive economic profits. C. where price equals marginal cost. D. where MC is at its lowest point.
When a borrower fails to pay back a loan according to the agreed-upon terms, it is called:
A. credit risk. B. default. C. opportunity cost. D. inflation.
A tavern is likely to have a ________ price elasticity of supply than does an antiques dealer due to ________.
A. less elastic; a shorter adjustment time B. less elastic; a longer adjustment time C. more elastic; availability of inputs D. less elastic; availability of inputs