Asked by Shelby Buckler on Jul 22, 2024

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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.
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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.