1. Describe opportunity cost, and then explain whether or not it's an out-of-pocket cost.
2. If you were offered a job that required you to completely stop attending college (onsite or online), explain how would you apply the concept of opportunity cost to help you decide whether or not to take the job or continue your college education?In your explanation, be sure to include all of the factors you can think of that would go into your decision.
3. Set forth the law of diminishing marginal utility.
4. Are there any exceptions to this law?Explain why or why not.