1. Misha likes studying the law and needs to decide between a career as a lawyer, a police officer, or a paralegal. As a lawyer, Misha can expect to earn $120,000 a year working
fifty hours a week, but he will have to forgo six years of income while he is in school. As a
paralegal, Misha will earn $37,000 a year working forty hours per week Monday through
Friday, but he will only be able to work part-time, low-income jobs for the two years he will
be in school. As a police officer, Misha will earn $45,000 a year working about forty hours
a week. Though his schedule will be irregular and his job more dangerous, he can get his
education on thejob. If Misha decides to be a lawyer, which of the following can be seen as
an opportunity cost of this decision?
A. smaller income
B. irregular schedule
C. loss of income in the immediate future
D. There is no opportunity cost because he will earn more money.
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