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The decision to start a business and the decision to attend college:___________
a. are the same in that each decision involves the same costs and benefits and the same opportunity costs
b. are different in that in starting a business, you should mainly consider the cost-benefit principle, whereas in attending college, you should mainly consider the opportunity cost principle
c. are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle
d. are different in that in starting a business, you should mainly consider the opportunity cost principle, whereas in attending college, you should mainly consider the cost-benefit principle

Sagot :

Lanuel

Answer:

c. are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle.

Explanation:

Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.

Simply stated, it is the cost of not enjoying the benefits, profits or value associated with the alternative forgone or best alternative choice available.

Similarly, cost-benefit analysis is used to examine and compare the cost associated with a project or task and the benefits derived from it.

Hence, the decision to start a business and the decision to attend college are similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle

The decision to start a business and the decision to attend college is  similar in that in both cases, you will want to consider the cost-benefit principle and the opportunity cost principle.

The following information should be considered:

  • In the case of cost-benefit principle, the additional benefit that received should be more than the extra cost i.e. incurred.
  • While on the other hand, the opportunity cost is considered as the benefit but not received due to not choosing the next best alternative.

Therefore we can conclude that the correct option is c.

Learn more: brainly.com/question/6201432

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