Question: What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity

What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions 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 for such a lot? Explain.

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