Rosa 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, Rosa 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?The cost of something is what you give up to get it Markets are usually a good way to organize economic activity People usually exploit opportunities to make themselves better off. Trade can make everyone better off

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Asked Sep 1, 2019
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Rosa 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, Rosa 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?
The cost of something is what you give up to get it
 
Markets are usually a good way to organize economic activity
 
People usually exploit opportunities to make themselves better off.
 
Trade can make everyone better off
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Expert Answer

Step 1

If Rosa is swim for an hour, she must take time away from work. The amount that she can earn from work is $12. Also she has to pay $5 for the entrance fee for the pool. From this it is clear that, for one hour swimming, she lost $17 ($12+$5). Thus, the total cost of swimming is $17.

Step 2

The basic principle of individual choice that illustrates the situation is, people considering the cost of something that given up for getting or g...

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