Mrs. Peters is trying to get mike to understand that minimum wage is not as good as it sounds. It is really what someone think that you are worth. If they raised the minimum wage then many people will lose their jobs because the boss feel that a certain person may not need to be paid a certain amount of money. Then, she start explaining free enterprise and supply and demand.
Mike was saying that the congress was thinking about raising the minimum wage. He said that this means that he would be making more money at his job. He says that it is nothing wrong with raising the minimum wage and that. If there was not

1. This passage was about the comedian/actor Chris Rock. It told about his past and how he became famous. Sugar Ray Leonard and Eddie Murphy was his two idols. He soon realized that he wasn't much of a boxer, so he decided to become a comedian. Chris Rock started performing at clubs and doing comedy shows. One night his inspiration, Eddie Murphy saw him performing at the club and thought he was great. He was so impressedthat he decided to cast Chris in one of his movies. He then became famous. He soon began getting money for his comedy act and while he was doing that other people his age went off to college. He figured that since he was already rich and entended on keeping it that way, what was the point of him wasting his time and money in college. Also the reason was because although he had money, it cost to much for him to go to college. Even though it is most likely the same amount for everyone to go to college, he was famous so he would have to pay much much more money just because people knew he had it. Chris Rock has a higher opportunity cost than a regular minimum wage person does.

2. Opportunity cost is the most highly valued opportunity or alternative forfeited when a choice is made. This means that the more a person has to give up doing something, the higher the opportunity cost will be that they wouldn't want to do it. The less a person has to give up doing something the lower the opportunity cost will be that they would want to do it.
For example if it is snowing outside the opportunity cost of more people staying at home is greater than more people going to school, and if it wasn't snowing outside the opportunity cost of more people staying at home rather than going to school would be less.

3. The opportunity cost for going to college is that you will have a good education and be very successful. You can get any job you want and make plenty of money. Although you may not make millions of dollars after college you won't be struggling and you will always have something to fall back on, your degree!