Select below the answer that best completes the sentence. When an individual decides to allocate their time between labour and leisure, the opportunity cost of leisure is due to the fact that: O leisure reduces how much time left the individual has for consumption. O every hour of leisure is an hour not earning labour income. O leisure decreases the marginal utility of consumption. O most leisure activities are costly.
Select below the answer that best completes the sentence. When an individual decides to allocate their time between labour and leisure, the opportunity cost of leisure is due to the fact that: O leisure reduces how much time left the individual has for consumption. O every hour of leisure is an hour not earning labour income. O leisure decreases the marginal utility of consumption. O most leisure activities are costly.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter21: The Theory Of Consumer Choice
Section: Chapter Questions
Problem 1PA
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![Select below the answer that best completes the sentence.
When an individual decides to allocate their time between labour and leisure, the opportunity cost of
leisure is due to the fact that:
O leisure reduces how much time left the individual has for consumption.
O every hour of leisure is an hour not earning labour income.
O leisure decreases the marginal utility of consumption.
O most leisure activities are costly.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1812055d-4d30-4b17-bede-6c35baa8eeaa%2F18eac2b3-9138-4d78-b97e-da5a3f382aa3%2F1gvd92r_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Select below the answer that best completes the sentence.
When an individual decides to allocate their time between labour and leisure, the opportunity cost of
leisure is due to the fact that:
O leisure reduces how much time left the individual has for consumption.
O every hour of leisure is an hour not earning labour income.
O leisure decreases the marginal utility of consumption.
O most leisure activities are costly.
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