Given That MU_Y = Marginal Utility of Income, MU_LE =

question 38

Multiple Choice

Given that MU_Y = marginal utility of income, MU_LE = marginal utility of leisure, and W is the wage, utility is maximized by allocating time between work and leisure so that:

• A)MU_Y = MU_LE.
• B)MU_Y x P_Y = MU_LE x W.
• C)MU_Y/P_Y = MU_LE/W.
• D)P_Y = W.

---

Definitions:

Rawlsian Justice

A theory of justice that emphasizes fairness and equality, positing that a just society will protect the least advantaged members.

Human Dignity

A fundamental concept that involves the inherent worth and respect that every individual deserves, irrespective of status, abilities, or accomplishments.

Profit Maximization

The process or strategy focused on increasing the profit of a business to its highest possible level given the constraints it faces.

Servicing Model

A union representation approach focused on directly addressing and managing individual member needs and grievances, as opposed to broader collective bargaining strategies.