Question

. After graduating from high school, Peggy Smith decided to enroll in a two-year program at the local community college rather than to accept a job that offered a salary of $12,000 per year. If the annual tuition and fees are $4,600, the annual opportunity cost of attending the community college is (A) $4,600 (B) $7,400 (C) $12,000 (D) $16,600 (E) $24,000

Answer 1

Answer:

Explanation:

The total opportunity cost is the salary foregone from a job which Peggy Smith did'nt accept + the annual tuition and fees amount = 12,000+4,600=16,600

Answer 2

The annual opportunity cost of attending the community college is (D) $16,600

• The following information should be considered:

= Salary per year +  annual tuition and fees

= $12,000 + $4,600

= $16,600

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