6. Scarcity, opportunity cost, and marginal analysis Kevin is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kevin has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? People usually exploit opportunities to make themselves better off. People face trade-offs. O Kevin has an incentive to spend more time on swimming than on biking or running. O Kevin can use time most efficiently by spending the same amounts of time on swimming, biking, and running.
6. Scarcity, opportunity cost, and marginal analysis Kevin is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Kevin has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do these statements best illustrate? People usually exploit opportunities to make themselves better off. People face trade-offs. O Kevin has an incentive to spend more time on swimming than on biking or running. O Kevin can use time most efficiently by spending the same amounts of time on swimming, biking, and running.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
Problem 3PA
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Transcribed Image Text:6. Scarcity, opportunity cost, and marginal analysis
Kevin is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: Kevin has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he
can't spend biking or running.
Which basic principle of individual choice do these statements best illustrate?
O People usually exploit opportunities to make themselves better off.
O People face trade-offs.
O Kevin has an incentive to spend more time on swimming than on biking or running.
O Kevin can use time most efficiently by spending the same amounts of time on swimming, biking, and running.
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