Because the opportunity cost of work _____ as individuals spend more time working, the labor supply curve is _____ sloping.

Question

Quizplus · Accepted Answer

The opportunity cost of work increases as individuals spend more time working because they give up more of their leisure time, which makes the labor supply curve upward sloping. This is because workers require higher wages to compensate for the additional leisure time they are sacrificing.

Because the Opportunity Cost of Work _____ as Individuals Spend