A Person Will Choose to Work Another Hour If the Benefit

question 31

Multiple Choice

A person will choose to work another hour if the benefit of another hour of work is:

• A)greater than the opportunity cost.
• B)exactly equal to the opportunity cost.
• C)less than the opportunity cost.
• D)The supply of labor is unique and does not involve weighing costs and benefits.

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Definitions:

Skepticism

An attitude of doubt or a disposition to incredulity either in general or toward a particular object.

Hindsight Bias

The tendency to perceive events as having been predictable after they have already occurred.

Exaggerate

To describe something in a way that makes it seem larger, better, worse, or more important than it actually is.

Foresight

The ability to anticipate future events, needs, or problems and prepare for them.