Asked by Shelby Buckler on Jul 22, 2024
Verified
A highly-paid research scientist works 12 hours a day, while a common laborer works only 5 hours a day. Offer a likely explanation, using the concept of opportunity cost.
Opportunity Cost
The cost of forgoing the next best alternative when making a decision or choice.
- Apply the concept of opportunity cost in the context of labor economics.
Verified Answer
AF
alicia floresJul 27, 2024
Final Answer :
The wage (opportunity cost of leisure) is higher for the research scientist than for the common laborer, so the scientist takes less leisure than does the laborer.
Learning Objectives
- Apply the concept of opportunity cost in the context of labor economics.