While Reading the Local Newspaper You Notice an Article About

question 90

Essay

While reading the local newspaper you notice an article about a man who won a sizable prize in the state lottery.This prize amounts to monthly payments for the rest of the man's lifetime.The man is quoted as saying, "As soon as I receive that first lottery payment, I will only work when I want to, rather than because I have to." How would an economist explain what has happened to this man's labor supply curve?

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Definitions:

Voting Shares

Shares that give the shareholder the right to vote on matters of corporate policy and the composition of the members of the board of directors.

Investement Account

An account held at a financial institution that contains securities, cash, and other assets that an individual or entity is investing in.

Debt Investments

Investments in bonds or other debt instruments where the investor lends money to an entity in exchange for interest payments and the return of principal at maturity.

Available-For-Sale

A classification for financial assets indicating they are neither held for trading purposes nor intended to be held to maturity, and therefore can be sold.