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 (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter1: What Economics Is About
Section1.2: A Definition Of Economics
Problem 3ST
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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.
Expert Solution
Step 1
The point is that Eric has only 20 hours per week that he can devote to training for his race.
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