(Solved): scarcity, opportunity, and marginal analysis 4. Scarcity, opportunity cost, and marginal analysis Ch ...

4. Scarcity, opportunity cost, and marginal analysis Cho is training for a biathlon, a winter rading sport that combines crost-country sking and rifle shooting. Consider the following scenario: In order to sid for one hour, Cho must take that time off of work, where she earns an hourly wage of $$\$19$$. Additionally, there is a $$\$8$$ entrance fee to the sking facility. Which basic principle of individual choice do these statements best illustrate? The cost of something is what you give up to get it. Markets are usually a pood way to organize economic activity. People usually exploit opportunities to make themselves better off. Trade can make everyone better off.