Asked by
Alyssa Mae Eguia
on Oct 26, 2024
Verified
The price of an extra hour of leisure is:
A) $1.
B) the hourly wage rate.
C) the same as the price of money.
D) the total utility of labor.
Hourly Wage Rate
The hourly wage rate is the amount of money paid to an employee for one hour of work, often used to calculate overall earnings in jobs that compensate workers on an hourly basis.
Extra Hour
An additional period of time, typically beyond what is normal or expected, often referring to work or activities.
Price of Leisure
The opportunity cost of leisure, represented by the wages foregone by choosing leisure time over work time.
- Comprehend the alternative cost associated with leisure time and its linkage to the levels of wages.
Verified Answer
CS
Learning Objectives
- Comprehend the alternative cost associated with leisure time and its linkage to the levels of wages.