6. Scarcity, opportunity cost, and marginal analysis Amy is training for a triat

Question

6. Scarcity, opportunity cost, and marginal analysis Amy is training for a triathlon, a timed race that combines swimming, biking, and running Consider the following sentence: Because her pool sessions are helping her swim more quickly, Amy plans to reduce by 1 hour per week the time she spends training on the bike and increase by 1 hour the time she spends in the swimming pool; however, her husband says that she should stop doing any biking and running and spend all 20 hours per week in the pool Which basic principle of individual choice does Amy's plan illustrate that her husband's advice does not? O Resources are scarce All costs are opportunity costs. O Many decisions are made on the margin O People usually exploit opportunities to make themselves better off

Explanation / Answer

6. Option 3: Many decisions are made on the margin

Amy is deciding her decision on how the extra one hour be utilized. The word 'extra' indicates that she is making her decision on the margin.

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