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Chapter 1, Problem 1FT

BuyFindarrow_forward

Modern Principles: Macroeconomics

4th Edition
Tyler Cowen + 1 other
ISBN: 9781319098773

Solutions

Chapter
Section
BuyFindarrow_forward

Modern Principles: Macroeconomics

4th Edition
Tyler Cowen + 1 other
ISBN: 9781319098773
To determine

To determine: The idea of opportunity cost in the enrollment of students in college.

Explanation

Explanation:

The idea of opportunity cost in the enrollment of students in college explains the fact that when the times are tough, the number of students who can afford college will decline. This implies that the opportunity cost of enrolling in a college is very high. On the other hand, some economists argue that when times are tough, the opportunity cost of students attending college is very low. In reality, during recession, the common students face difficulty attending college, which means that the price effect typically dominates.

Concept

Concept introduction:

Opportunity cost: Opportunity cost can be defined as the cost of a foregone alternative.

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