Q3. Every society facestrade-offs because we live in a world of scarcity. Suppose astudent-athlete has the opportunity to earn $400,000 next year playing for a minor league baseballteam, $700,000 next year playing for a European professional footballteam, or$0 returning to college for another year.

The opportunity cost of thestudent-athlete returning to college next year is $_______________ (Enter your response as aninteger.)

Q4. Suppose an analyst evaluateswhetheritisabadideatopass minimumwage laws.

A. Positive Analysis

B. Normative Analysis