Scott's Wage Is $25 Per Hour and He Works 50

question 242

Multiple Choice

Scott's wage is $25 per hour and he works 50 hours a week,which is his optimal labour supply at that wage.His marginal utility of 1 hour of leisure is equal to the:

• A) marginal utility he gets from $25 worth of goods.
• B) marginal utility he gets from more than $25 worth of goods.
• C) marginal utility he gets from less than $25 worth of goods.
• D) substitution effect.

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