We analyze the potential suitability or strength of arguments for the application of multicore optical fibers in high capacity submarine cable systems via transmission and techno-economic modeling. We consider hypothetical multicore fibers (MCFs) with 2-4 weakly coupled cores and compare capacity and cost/bit against conventional single-core fibers (SCFs). The analysis is performed in the context of a trans-Atlantic link length system and we evaluate the relative fiber performance with three different, but related, system design approaches. Two SCF coating diameters are assessed in terms of how this parameter affects the cost/bit through fiber density in submarine cables and resulting cable cost. We find that MCFs may enable higher cable capacity when fiber pair limits are imposed, but likely not at lower cost/bit unless optimistic and best case assumptions are made with respect to MCF relative fiber cost. We also find that reduced diameter SCFs can deliver much of the density and cable cost savings that motivates interest in MCF without the challenges of a new eco-system as required by MCF. However, MCF may enable the design of the largest cable capacities such as 1 Pb/s or more that might not be attainable with SCFs without significant cable changes.