1: What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of Toronto for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain Q2: What are some of the characteristics of a market that can be described by a demand and supply model? Q3: Define "demand." State the law of demand and explain why the other-things-equal assumption is critical to it