Given that MUY = marginal utility of income, MULE = marginal utility of leisure, and W is the wage, utility is maximized by allocating time between work and leisure so that:
A) MUY = MULE.
B) MUY × PY = MULE ×W.
C) MUY/PY = MULE/W.
D) PY = W.
Correct Answer:
Verified
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