Discuss and explain opportunity cost

Reference no: EM1346959

Explain "opportunity cost" and how it relates to the definition of economics. To illustration this concept, give your explanation of the following decisions that would entail the greatest opportunity cost:
a. Allocating a square block in the heart of New York City for a surface parking lot, OR
b. Allocating a square block at the edge of a typical suburb for such a lot?

Reference no: EM1346959

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