Question

The allocation of scarce goods or service; based on the scarcity problem that we all face, involves the consideration of one of the following Economic valid factor, so the opportunity cost of a city block used for a parking lot in an expensive City compare to a small town- would be___________

Answer 1

Answer:

The opportunity cost of a city block used for a parking lot in an expensive city compare to a small town would be MUCH HIGHER.

Explanation:

Resources are scarce, and the scarcer they are, the more expensive they tend to be. A city block used for parking space in a large city is worth a lot of money, while a similar lot in a small town would be worth much less. The demand for land in a large city is much greater and the availability of land is much lower.