What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greatest 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.

Opportunity cost is a situation whereby a potential gain in doing or choosing something is lost as a result of choosing the other. For example, between using electricity or solar panel for water  heating in a house. When the solar panel is used, the potential gain of using electricity is lost. this loss is called 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"  would entails the greatest opportunity cost. This is because, New York is already crowded with people and lack of parking lots for cars thereby increasing the content of the city. Not allocating the square block at the edge of a typical surbub for such a lot would put undue pressure in the heart of the city, New York.

Explanation:

answer; ///blank(1); security; blank(2); freedom; good luck

answer; engaging in effective public relations;