The opportunity cost of acquiring education is ?
Correct answer: C. the earnings foregone
- A. course fees
- B. course fees and living expenses
- C. the earnings foregone
- D. Course fees living expenses and textbook
Explanation
The opportunity cost of education is the income a person gives up while studying instead of working. Fees, living expenses, and books are direct monetary costs, not the foregone alternative earnings.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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