Maria is training for a triathlon, a timed race that combines swimming, biking, and running.   Consider the following sentence: In order to swim for an hour, Maria must take time away from work, where she earns $12 per hour. This is in addition to paying a $5 entrance fee for the pool.   Which basic principle of individual choice do these statements best illustrate? a. The cost of something is what you give up to get it. b. Trade can make everyone better off. c. Markets are usually a good way to organize economic activity. d. People usually exploit opportunities to make themselves better off.

Q: give three examples of important tradeoffs that you face in your life

A: The examples of some important tradeoffs that I will face in life will be : 1) if I want to go to…

Q: Juanita is training for a triathlon, a timed race that combines swimming, biking, and running.…

A: Opportunity cost is the benefit that is sacrificed when the next best alternative is not chosen.

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Q: Why does knowing the facts help people maximize their choices

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A: Next best alternative cost is the opportunity cost. If Sam is going to theatre, he would spend $30…

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Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

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Q: In an eight-hour day, Andy can produce either 8 loaves of bread or 24 kilograms of butter. In an…

A: Given production possibility schedule   Bread produced in 8 hours Butter Andy 8 loaves 24 Kg…

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A: Opportunity cost, a basic economic term, is the cost of choosing not to pursue the next best option…

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A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

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A: Answer 1 (a) An opportunity cost is the benefit an individual gets from the next best alternative…