The Number of Hours That a Worker Is Willing to Work

question 69

Multiple Choice

The number of hours that a worker is willing to work is determined by the trade-off between the increasing

• A) Total utility of income and the decreasing marginal utility of leisure.
• B) Marginal utility of leisure and the decreasing marginal utility of income.
• C) Total utility of leisure and the decreasing total utility of income.
• D) Marginal utility of both income and leisure.

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Definitions:

Sustain

To maintain or keep something going over time, especially under challenging circumstances.

Hedgehog Concept

A strategic approach that focuses on simplifying complexity to find the intersection between what you are passionate about, what drives your economic engine, and what you can be the best at.

Diversify

To diversify means to broaden or vary a range of products, investments, skills, etc., to reduce risk or increase the chance of success or improvement.

Knowledge Application

The process of applying acquired knowledge in real-world contexts to solve problems or achieve specific outcomes.