In General, as Wages Go Up

question 31

Multiple Choice

In general, as wages go up:

• A)people are willing to work less.
• B)the opportunity cost of leisure goes up.
• C)the opportunity cost of leisure goes down.
• D)people will always work more.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource or input.

Supply of Labor

The total hours that workers are willing and able to work at a given wage rate, in a given time period.

Net Migration

The difference between the number of individuals entering and leaving a geographic area during a specific time period, which can impact population size and composition.

Labor Supply Curve

Represents the relationship between the wage rate and the quantity of labor that workers are willing to supply.