Which of the following best describes the opportunity cost of one year of college?
The dollar value of tuition, books, room and board, and all associated explicit expenses, but not the interest that could have been earned on that sum.
The dollar value of tuition, books, room and board, all associated explicit expenses, and the interest that could have been earned on that sum but not the income that could have been earned over that time period.
The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, but not the cost of everyday items such as food, clothing, and toothpaste.
The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, and the cost of everyday items such as food, clothing, and toothpaste.