Question

Janet 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, Janet must take time away from work, where she earns $10 per hour. This is in addition to paying a $4 entrance fee for the pool.Which basic principle of individual choice do these statements best illustrate?
1) The cost of something is what you give up to get it
2) Markets are usually a good way to organize economic activity
3) People usually exploit opportunitie to make themselves better off.
4) Trade can make everyone better off

Answer 1

Answer:

1) The cost of something is what you give up to get it

Explanation:

As it can be seen that for opting one service the person should leave the other activity that we called as an opportunity cost

In the given situation, since it is mentioned that Janet can earn $10 per hour and for pool she has to pay $4 as an entrance fee

So here the sacrifice is made with respect if one activity is selected

Therefore the option 1 is correct