Multiple Choice
Assume that 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
Q3: Javon has 80 hours per week to
Q4: While individual labour supply curves may bend
Q6: Use the following to answer questions :<br>Figure:
Q7: Use the following to answer questions :<br>Figure:
Q10: Use the following to answer questions :<br>Figure:
Q11: Use the following to answer questions :<br>Figure:
Q12: Javon has 80 hours per week to
Q144: To maximize utility, an individual should allocate
Q204: If leisure is a normal good for
Q249: Use the following to answer questions:<br>Figure: Joanna's