Attempts:Score: 11 4. Scarcity, opportunity cost, and marginal analysis Charles

Question

Attempts:Score: 11 4. Scarcity, opportunity cost, and marginal analysis Charles is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Charles has only 20 hours per week that he can devote to training for his race. Which basic principle of individual choice does this sentence best illustrate? O People usually exploit opportunities to make themselves better off Many decisions are made at the margin. Resources are scarce O All costs are opportunity costs. Save & Continue Continue without saving

Explanation / Answer

Since Charles is training for a triathlon a timed race which combines swimming, biking and running.

Since Charles has only 20 hours per week which he can devote to training for his race.

It means he has limited resources for training. It means the time is scarce for him.

Hence the basic principles of individual choice are resources are scarce.

Hence option third is the correct answer.

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