Read the scenario. The local government in Fairview wants to do something with a corner lot that has been empty for a long time. Option 1 is to build a small park with a playground. Option 2 is to develop a community garden. As the Fairview officials begin to look at the opportunity costs of this decision, what would be a good first step?
Answer
A
determine the budget for both projects and choose the cheaper option
B
seek input from community members on what they would most value
C
consult with the mayor and other city officials to see what they recommend
D
talk to officials in other towns who had to make a similar decision about an empty lot
Explanation
Opportunity cost is the value of the best alternative that must be given up when a choice is made. A good first step is to find out which use of the lot—park or garden—the community values more, so officials can identify what would be sacrificed by choosing the other option. Therefore, seeking input from community members is the best choice.
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