Asked by
Melany Suarez
on Nov 04, 2024
Verified
The price of leisure is the wage rate.
Price of Leisure
Refers to the opportunity cost of time spent on non-work activities, measured by the income foregone by not working.
Wage Rate
The amount of money paid to an employee for work performed, typically expressed per hour or unit of work.
- Apprehend the association between wage levels and labor market supply, considering the income and substitution effects.
Verified Answer
TI
Learning Objectives
- Apprehend the association between wage levels and labor market supply, considering the income and substitution effects.