How would one determine opportunity cost of proposal

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Q. Carefully define following terms and explain their importance to study of economics. A. resources b. rational decision c. scarcity d. opportunity cost e. economic growth

1. President Bill Clinton assigned his wife to task of developing a national health insurance plan to increase availability of medical care for poor. How would one determine opportunity cost of proposal?

2. Why might money price for something be higher than opportunity cost? Why might it be lower?

Reference no: EM1369335

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