30 Apr Question: 6. Scarcity, opportunity cost, and marginal analysis Brian is training for a triathlon, a timed r…
6. Scarcity, opportunity cost, and marginal analysis
Brian is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: In order to swim for an hour, Brian must take time away from work, where he earns $9 per hour. This is in addition to paying a $4 entrance fee for the pool.
Which basic principle of individual choice do these statements best illustrate?
People usually exploit opportunities to make themselves better off.
Markets are usually a good way to organize economic activity
The cost of something is what you give up to get it
Trade can make everyone better off
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