Multiple Choice
One way to measure the opportunity cost of an hour of leisure is:
A) the wage rate that an individual could earn for that hour.
B) the cost of going to a restaurant every evening to eat.
C) the cost of visiting a museum just for fun.
D) the cost of the cleaning service that I hire to clean my house because I work 50 hours per week.
Correct Answer:

Verified
Correct Answer:
Verified
Q15: Identify which of the following statements is
Q16: Identify which of the following statements is
Q17: We can derive a market demand curve
Q18: Suppose the consumer's utility function is
Q19: The market demand curve is the horizontal
Q21: A negatively-sloped Engel curve implies a Giffen
Q22: Suppose the consumer's income elasticity for
Q23: A positively-sloped Engel curve implies a(n):<br>A)inferior good.<br>B)normal
Q24: Suppose when the consumer's income rises
Q25: The market demand curve is the horizontal