Respuesta :
Ginny's plan illustrates that many decisions are made on the margin.
What does an opportunity cost?
Giving something up in order to obtain something is known as an opportunity cost. Sessions in the Reason Pool appear to have more of an effect on Ginny. So it makes logical to give swimming a bit extra time. She won't necessarily spend all of her time swimming, though. The marginal value of bike training will be greater than the worth of the final hour of pool training if she merely swims, as her husband advises. There is no all-or-nothing choice here. The margin is where decisions are made.
1. People have to make trade-offs.
2. The price of something is what
3. Rational individuals think at the margin you have to give up to get it
4. Individuals react to incentives
5. Trade can benefit everyone.
6. Markets are typically an effective approach to structuring economic activities
7. Sometimes governments can enhance market outcomes
8. A nation's capacity for producing products and services determines its standard of living.
9. Prices increase when the government prints too much money, and society must choose between inflation and unemployment in the short term.
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