One reason that fewer students go on to graduate or professional schools than attend college is that such students are giving up the income of someone with a college degree. From this fact alone, we can conclude that graduate and professional schools are more expensive than undergraduate education, without considering tuition.

The list of opportunity cost type decisions is endless. We'll examine more of these decisions as we go.

So, when is lunch free and when isn't it? Sometimes, lunch is the best thing you can think of to do. If you've already decided to have lunch and someone else picks up the check, it's a free lunch in terms of out-of-pocket expenses. If you gave up any other activity to go to lunch, it's not free even if someone picks up the check.

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