In the indifference curve-budget line model of labor supply, the slope of the indifference curves is used to measure
a. the wage rate.
b. labor's marginal product.
c. the worker's nonlabor income.
d. the marginal value of leisure.
d. the marginal value of leisure.
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Economists assume that, in general, when individuals are faced with two choices that have the same expected value, they will prefer:
A. the one with higher risk. B. the one with lower risk. C. the one with the higher opportunity cost. D. the one with the lower future value.
Suppose that goods A and B are close substitutes and the price of good B falls. We would then expect an:
a. Increase in the quantity demanded of good B and a decrease in the demand for good A b. Increase in the demand for good A and a decrease in the quantity demanded for good B c. Increase in the demand for good A and the quantity demanded for good B d. Increase in the demand for goods A and B
Is demand for electricity more price elastic when measured over a short period of time or a long period of time? Explain.
What will be an ideal response?
Recall the Application about the British experience with private water companies in the nineteenth century to answer the following question(s).Recall the Application. The British experience with water privatization showed that the distribution of water is:
A. a natural monopoly. B. best left as a deregulated market. C. best set up as a trust. D. a classic example of price fixing.