Opportunity wage refers to the
A) Income an individual loses when he or she quits a job.
B) Highest wage an individual would earn in his or her best alternative job.
C) Value of goods and services that could be purchased with a certain individual's income.
D) Income equivalent of a volunteer worker.
Correct Answer:
Verified
Q115: Table 30.5 Q116: If the income effect dominates the substitution Q117: If Amber is willing to work additional Q118: The opportunity wage is often a better Q119: The demand for labor is derived from Q121: Why is the demand curve for labor Q122: For wages to be higher without sacrificing Q123: Explain the concept of a backward-bending labor Q124: A profit-maximizing firm should continue to hire Q125: A production process is a specific combination
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