Question

According to economists, one reason few professional athletes have PhD’s is that the a. opportunity cost of going to graduate school is too high. b. marginal benefit of going to graduate school is too high. c. explicit cost of going to graduate school would be too high.

Answer 1

Answer: OPPORTUNITY COST OF GOING TO GRADUATE SCHOOL IS TOO HIGH. Option A.

Step-by-step explanation:

Opportunity cost is a key concept in economics, and has been described as expressing "the basic relationship between scarcity and choice". Opportunity costs are not restricted to monetary or financial costs: the real cost of output forgone, lost time, pleasure or any other benefit that provides utility should also be considered an opportunity cost.