The labor demand curve-opportunity cost of leisure

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Reference no: EM13818260

1. The opportunity cost of leisure:

a. increases as wages get higher.

b. decreases as wages get higher.

3. remains the same as wages get higher.

4. has nothing to do with wages.

2. The elasticity of labor demand is higher when:

a. there are many substitutes for labor in the production process.

b. the inputs that could be substituted for labor are relatively expensive.

c. a large amount of labor is essential to the production process.

d. labor productivity falls rapidly when output is increased.

3. The labor demand curve:

a. shifts out when wages fall.

b. shifts in when wages rise.

c. slopes up because of the law of demand.

d. slopes down because of the law of demand.

4. When wages rise, the opportunity cost of:

a. labor falls.

b. labor rises.

c. leisure falls.

4. leisure rises.

Reference no: EM13818260

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