Final answer:
A student should analyze the opportunity cost in comparison to the monetary cost when determining the cost and board in college.
Step-by-step explanation:
When determining the cost and board in college, a student should only analyze the opportunity cost in comparison to the monetary cost.
Opportunity cost refers to the potential benefits that are foregone when choosing one option over another. In the context of college, it involves considering the value of the forgone alternative uses of time spent studying and attending class instead of pursuing other endeavors.
Monetary cost, on the other hand, includes the out-of-pocket expenses such as tuition, books, room and board, and other costs.
By analyzing the opportunity cost and the monetary cost of attending college, students can make informed decisions about the benefits and drawbacks of pursuing higher education.