1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kate has only 20 hours this week that she can devote to training. Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? O Kate has an incentive to spend more time on swimming than on biking or running. O People usually exploit opportunities to make themselves better off. O People face trade-offs. O Kate can use time most efficiently by spending the same amounts of time on swimming, biking, and running.

1. Scarcity, opportunity cost, and marginakanalysis Kate is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kate has only 20 hours this week that she can devote to training. Each hour she spends swimming is an hour that she can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? O Kate has an incentive to spend more time on swimming than on biking or running. O People usually exploit opportunities to make themselves better off. O People face trade-offs. O Kate can use time most efficiently by spending the same amounts of time on swimming, biking, and running.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 1SCQ: Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can...

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