What is the opportunity cost of leisure?
a. the relaxation a person gets
b. the income given up by not working
c. the vacation time taken
d. the chance to socialize with friends and family
b. the income given up by not working
Economics
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The substitution effect of a price increase causes a decrease in the quantity of an inferior good demanded
Indicate whether the statement is true or false
Economics
The welfare costs of rent seeking will approximate _____
a. the value of the resources expended in lobbying b. the deadweight loss of taxation c. the value of the rent-seeking benefits d. zero if political markets are perfectly competitive
Economics