Multiple Choice
Assume Alex is maximizing utility by working 51 hours per week and his wage is $15 per hour. Which of the following statements is CORRECT?
A) In equilibrium, the value of an additional hour of leisure for Alex is less than $15.
B) Alex is probably not on the highest indifference curve that touches the time allocation budget line.
C) The marginal utility Alex gets from the extra money he earns from an additional hour spent working is equal to the marginal utility of an additional hour of leisure.
D) In equilibrium, the value of an additional hour of leisure for Alex is more than $15.
Correct Answer:
Verified
Correct Answer:
Verified
Q29: A profit-maximizing firm will base its decision
Q83: A factor demand curve will shift because:<br>A)of
Q160: Use the following to answer questions: <img
Q161: Use the following to answer questions:<br>Figure: The
Q162: Javon has 80 hours per week to
Q163: At Hamill Manufacturing of Pennsylvania,highly skilled senior
Q164: Holly and Emily both have a BS
Q167: Which of the following statements is TRUE?<br>A)
Q170: Use the following to answer questions:<br>Figure: Joanna's
Q221: The firm's value of marginal product curve