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?
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter5: Consumer Choice: Individual And Market Demand
Section: Chapter Questions
Problem 3TY: Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves...
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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.
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The point is that Eric has only 20 hours per week that he can devote to training for his race.
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