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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In a world of perfect information, if consumers could costlessly contract with private contractors to produce a good and there were no economies of scale,
a. firms would be unnecessary b. markets would be unnecessary c. consumers would be unnecessary d. consumers would face greater production costs e. firms would be more efficient than the market
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