Which of the following is a reason that some economists do not agree with the concept of a labor-leisure tradeoff?
a. Wages are paid in dollars and leisure is measured in time, hence there is no way to compare the two.
b. On a day-to-day basis, most jobs do not have the flexibility to allow people to weigh the benefits and costs to determine how much they should work that day.
c. In the long-run, the supply of labor hours is perfectly inelastic.
d. An increase in the wage rate always leads to an increase in the supply of labor hours, therefore the workers do not think of choosing leisure over labor.
e. Some people do not work at all, so there is no labor-leisure tradeoff for those individuals.
b
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Money eliminates the need for a coincidence of wants in trading primarily through its role as a
A. store of value. B. unit of account. C. medium of deferred payment. D. medium of exchange.
?Because trade across markets creates winners and losers,the overall surplus in the loser's market is diminished.
Answer the following statement true (T) or false (F)
In the table above, what is the level of unemployment (in millions of workers) if the minimum wage is set at $8 per hour?
A) 0 B) 1 C) 3 D) 4
In February, market analysts predict that the price of titanium will rise in March. What happens in the titanium market in February, holding everything else constant?
A) The quantity of titanium demanded and the quantity of titanium supplied both increase. B) The supply curve shifts to the right. C) The supply curve shifts to the left. D) The demand curve shifts to the left.