Assume Alex Is Maximizing Utility by Working 51 Hours Per

question 165

Multiple Choice

Assume Alex is maximizing utility by working 51 hours per week and his wage is $15 per hour. Which of the following statements is CORRECT?

• A) In equilibrium, the value of an additional hour of leisure for Alex is less than $15.
• B) Alex is probably not on the highest indifference curve that touches the time allocation budget line.
• C) The marginal utility Alex gets from the extra money he earns from an additional hour spent working is equal to the marginal utility of an additional hour of leisure.
• D) In equilibrium, the value of an additional hour of leisure for Alex is more than $15.

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Definitions:

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