Question

6. Scarcity, opportunity cost, and marginal analysis Paolo is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Paolo 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

Answer 1

Answer:

opportunity cost

Explanation:

Opportunity cost or implicit is the cost of the option forgone when one alternative is chosen over other alternatives.

By choosing to swim, Paolo is forgoing the opportunity to run or bike. The opportunity cost of swimming is not been able to run or ride a bike