1: Which of the following decisions would entail the largest 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 in 200 words.
2: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of desired goods and services in a market? In what ways are entrepreneurs and businesses at the helm of the economy but commanded by consumers?
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