A Worker Will Become Indifferent Between Spending the Next Hour

question 12

Multiple Choice

A worker will become indifferent between spending the next hour on work or leisure 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 involved weighing costs and benefits.

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Definitions:

Current Data

Refers to the most recent data available for analysis or decision-making processes.

Depreciated

The process of allocating the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.

Appraised Value

An estimation of the fair market value of an asset or property, typically determined by a professional appraiser.

Boot

Additional value or cash that balances the value of the assets being traded in a barter or exchange transaction.