The Environmental Protection Agency is considering an order that a 500-acre area on the outskirts of a large city be preserved in its natural state, because the area is home to a rodent that is considered an endangered species. Developers had planned to build a housing development on the land.
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In this economic decision, the scarce resources is the land which is a 500-acre area on the outskirts of a large city. Developers had planned to build a housing development on the land but the Environment Protection Agency's choice is to consider the order to preserve it in its natural state since the area is the home of a rodent which is an endangered species. The housing development that would be build on the land is what the agency gave up and that is their opportunity cost.
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