Examlex
As women's wages have risen relative to men's wages, the opportunity cost to women of doing housework has ________ than has the opportunity cost to men.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service, reflecting the value they attribute to it.
Market Demand Curve
A graphical representation showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.
Public Good
A provision of goods or services to everyone in society for free, by either governmental bodies or private entities, with no profit motive.
Private Goods
Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.
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