6. Scarcity, opportunity cost, and marginal analysis Bob is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: In order to ski for one hour, Bob must take that time off of work, where he earns an hourly wage of $19. Additionally, there is a $8 entrance fee to the skiing facility. Which basic principle of individual choice do these statements best illustrate? O People usually exploit opportunities to make themselves better off. O The cost of something is what you give up to get it. O Markets are usually a good way to organize economic activity. O Trade can make everyone better off.

6. Scarcity, opportunity cost, and marginal analysis Bob is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: In order to ski for one hour, Bob must take that time off of work, where he earns an hourly wage of $19. Additionally, there is a $8 entrance fee to the skiing facility. Which basic principle of individual choice do these statements best illustrate? O People usually exploit opportunities to make themselves better off. O The cost of something is what you give up to get it. O Markets are usually a good way to organize economic activity. O Trade can make everyone better off.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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