Economists call the sacrifice involved in working an extra hour the
A) marginal utility of leisure.
B) opportunity cost of leisure.
C) opportunity cost of work.
D) marginal disutility of work.
Correct Answer:
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Q3: When economists assume perfect markets for inputs,
Q4: Which of the following changes has occurred
Q5: If input markets were perfectly competitive, income
Q6: Which of these is not a determinant
Q7: The substitution effect of higher wages suggests
Q9: As the wage rate per hour increases,
Q10: Assuming leisure is a normal good, if
Q11: If the income effect is smaller than
Q12: The elasticity of supply of labour will
Q13: The elasticity of supply of labour is
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