Question

6. Scarcity, opportunity cost, and marginal analysis Alyssa 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, Alyssa must take time away from work, where she earns $10 per hour. This is in addition to paying a $5 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 O The cost of something is what you give up to get it Markets are usually a good way to organize economic activity O Trade can make everyone better off Grade It Now Save & Continue Continue without saving

Answer 1

opportunity cost is reflected in the given statement as it is the value of best alternative foregone. In order to swim, Person has to give up his work. So, the answer is cost of something is what you give up to get it