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?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter2: Economics: Eight Powerful Ideas

Section: Chapter Questions

Problem 10P

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Question

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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