. 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.
2. Cite three examples of recent decisions that you made in which you, at least implicitly, weighed marginal cost and marginal benefit.
3. What is meant by the term “utility” and how does the idea relate to purposeful behavior?
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