Explain verbally the statement “There is no such thing as a free lunch” in relation to scarce resources.
Which of the following decisions has the greater opportunity cost? Why?
a. A decision to use an undeveloped lot in Tokyo’s financial district for an apartment building.
b. A decision to use a square mile in the desert for a gas station.
Attending college is expensive, time-consuming, and it requires effort. So why do people decide to attend college?