A Consumer Has Preferences Over Consumption and Leisure, Both of Which

question 138

Multiple Choice

A consumer has preferences over consumption and leisure, both of which are normal goods. When the wage decreases, the consumer chooses to consume less leisure. For this consumer the labor supply curve will

• A)slope upward.
• B)slope backward.
• C)be horizontal.
• D)be vertical.

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Definitions:

Professionalism

The exhibition of skills, good judgment, and polite behavior expected from a person who is trained to do a job well.

Average Scores

A statistical measure that represents the sum of all values in a set divided by the number of values, often used to find the central tendency of a data set.

Mean, Median, Mode

Central tendency measures in statistics: Mean is the average, median is the middle value when data is ordered, and mode is the most frequently occurring value.