After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want to finish school but really wants to be a chef. When Renaud mentions that he is considering leaving university for culinary school, his parents insist that he stay for one more year to get his degree. Which statement is TRUE? Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is greater than the marginal cost of university. Renaud's parents are correct: if he leaves university, he has wasted three years of tuition. O It is impossible to tell who is correct. O Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is less than the marginal cost of university.

After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want to finish school but really wants to be a chef. When Renaud mentions that he is considering leaving university for culinary school, his parents insist that he stay for one more year to get his degree. Which statement is TRUE? Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is greater than the marginal cost of university. Renaud's parents are correct: if he leaves university, he has wasted three years of tuition. O It is impossible to tell who is correct. O Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is less than the marginal cost of university.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 21CTQ: It is clear that productive inefficiency is a waste since resources are used in a way that produces...

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