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
Q12: Javon has 80 hours per week to
Q14: Javon has 80 hours per week to
Q17: Use the following to answer questions :
Figure:
Q19: The time allocation budget line shows an
Q20: Javon has 80 hours per week to
Q329: Use the following to answer questions:
Figure: The
Q331: Kurt earns a wage of $100 per
Q340: During the holiday season some people take
Q351: An increase in the wage rate will:
A)
Q363: Use the following to answer questions:
Figure: Joanna's
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents