Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Scarcity, opportunity cost, and marginal analysis Eric is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence:

Scarcity, opportunity cost, and marginal analysis

Eric is training for a triathlon, a timed race that combines swimming, biking, and running.

Consider the following sentence: Because his pool sessions are helping him swim more quickly, Eric plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool.

Which basic principle of individual choice does Eric's plan illustrate that his wife's advice does not?

A. Many decisions are made on the margin.

B. All costs are opportunity costs.

C. People usually exploit opportunities to make themselves better off.

D. Resources are scarce.

(detailed explanation)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How China Became Capitalist

Authors: Ronald Coase, Ning Wang

1st Edition

1137351438, 9781137351432

More Books

Students also viewed these Economics questions

Question

=+c) What might you do instead?

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago