QUESTION 3 Seonyoung is going to leave her job to enter a PhD program in psychology. She will complete the program in 6 years. At her current job as a paralegal, she makes $60,000 annually, which could continue if she did not enter the PhD program. While she is a graduate student, the PhD program will pay her an annual stipend of $25,000 plus $8,000 per year to for food and rent. She will have the same living expenses in the PhD program or outside of it. What is the opportunity cost of entering the PhD program for Seonyoung? $150,000 $206,000 $198,000 $360,000 $210,000 QUESTION 4 If the marginal cost of producing a good rises as a firm produces more of the good, then which of the following must be TRUE? AVC