Manuel 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, manuel must take time away from work, where he earns $12 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 opportunities to make themselves better off.
4) trade can make everyone better off

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

Explanation:

There are unlimited wants but limited resources available to satisfy these wants. Hence a scale of preference which shows these wants in order of importance is developed.

Due to the limited resources, not all wants can be satisfied hence the concept of opportunity cost which is the cost of the alternative forgone.

In this situation, the opportunity cost for swimming  is the $12 that would have been earned if he had gone to work.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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