"The wage rate (w)is the 'price' that the labor market attaches to an hour of the individual's time." How is this any different from the individual's marginal rate of substitution between leisure and income? Explain carefully.

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The Answer of "The wage rate (w)is the 'price' that the labor market attaches to an hour of the individual's time." How is this any different from the individual's marginal rate of substitution between leisure and income? Explain carefully.

"The Wage Rate (W)is the 'Price' That the Labor Market