ECON 101 Saudi Electronic University Opportunity Cost Discussion

Question Description

I’m working on a micro economics multi-part question and need an explanation and answer to help me learn.

What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb? Explain.