Question

Kenji is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Kenji plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Kenji's plan illustrate that his wife's advice does not? Resources are scarce. Many decisions are made on the margin. All costs are opportunity costs. People usually exploit opportunities to make themselves better off

Answer 1

Answer: Option(b) is correct.

Explanation:

According to this principle, many of the economics decision are based on the cost incurred and benefit obtained from that decision. It also includes the utility or benefit obtained from an additional unit of consumption or production. In our case, Kenji wants to spend an extra hour on swimming because pool sessions are so good that would increase his chances of winning triathlon.

Therefore, Many decisions are made on the margin.