Eric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race. Which basic concept of individual choice does this sentence best illustrate?

Eric is training to run a marathon. Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race. Which basic concept of individual choice does this sentence best illustrate?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 5AA

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Question

Eric is training to run a marathon.

Consider the following sentence: Eric has only 20 hours per week that he can devote to training for his race.

Which basic concept of individual choice does this sentence best illustrate?

People usually exploit opportunities to make themselves better off.

A. Resources are scarce.

B. All costs are opportunity costs.

C. Many decisions are made on the margin.

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