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 it2) Markets are usually a good way to organize economic activity3) People usually exploit opportunities to make themselves better off.4) Trade can make everyone better off
