Problem
• Explain the concept of Opportunity Cost arising from the central economic problem of scarce resources and unlimited wants.
• What is the opportunity cost of seeing a movie?
• What is the marginal benefit of seeing a movie (assuming that you are seeing it with a friend)?
• How would the marginal benefit change if you were seeing a second movie with a different friend?
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.