In a market system, the allocation of scarce goods involves the consideration of the time required to pursue an economic activity. what must be sacrificed in using a resource for its next-best use. identifying the possibility of professional advancement. the dollar cost of any good or service. suppose a city block was going to be used for a parking lot in both new york city and a small town. the opportunity cost would be greater in a small city because the alternative uses of the city block are more valuable. lower in new york city because the alternative uses of the city block are more varied. lower in a small city because the alternative uses of the city block are more varied. greater in new york city because the alternative uses of the block are more valuable.
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