Asked by
SYAFIY AZMAN
on Nov 16, 2024
Verified
Refer to Scenario 18-3. Assume that Gabrielle has an upward-sloping labor supply curve. If the opportunity cost of Gabrielle's leisure time increases, she will respond by working
A) more hours.
B) fewer hours.
C) an equal number of hours.
D) a number of hours that cannot be determined from the information.The labor demand curve is needed to make this determination.
Labor Supply Curve
A graphical representation showing the relationship between the quantity of labor that workers are willing to offer and the wage rate.
Opportunity Cost
Opportunity cost represents the benefits an individual, investor, or business misses out on when choosing one alternative over another.
- Acquire an understanding of the way in which technological progress and the cost of goods shape the labor market's demand and supply.
Verified Answer
RL
Learning Objectives
- Acquire an understanding of the way in which technological progress and the cost of goods shape the labor market's demand and supply.