Question

Alex is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Alex 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:

All choices have opportunity costs

Explanation:

In the world of business, opportunity costs consist of the benefits that a person, investor, or company has to give up when picking an alternative among others. People tend to consult financial reports to make the best choice if there is a broad range of alternatives available, and this same concept applies to Alex and the way he wants to manage his time to train every sport of the triathlon.