Which of the following is true?
a. A person's wage or salary is his or her opportunity cost of leisure
b. Any time that is spent working for a paid job is known as the time spent in leisure.
c. An individual's decision to work in a low paying job or a high paying job is known as the labor-leisure tradeoff.
d. A person who works more also always get to enjoy more leisure time.
e. If an individual labor supply curve bends backward at some high wage, then the market supply curve also bends backward.
a
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Describe what took place during the Industrial Revolution
What will be an ideal response?
Which of the following is an example for group price discrimination?
A) a BMW selling for more than a VW B) local residents receiving a discount at the local golf course C) the fact that a razor is cheap and blades are expensive D) a hotel charging more for a room if the customers bring pets