Answered

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Suppose a city block was going to be used for a parking lot in both New York City and a small town. The opportunity cost would be multiple choice 2 lower in New York City because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in New York City because the alternative uses of the city block are more valuable. greater in a small city because the alternative uses of the city block are more valuable.

Sagot :

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Answer:

c. The opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

Explanation:

Value of piece of land would be much higher in New York City in comparison to a small town.

This means that if a piece of land is used for parking lot in the New York City then the alternative use of such land would be more valuable in comparison to the utilization of similar piece of land in a small town.

Higher the value of alternative uses, higher would be the opportunity cost. So, the opportunity cost would be greater in New York City because the alternative uses of the block are more valuable.

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