Asked by Loretta Foshee on Jul 23, 2024
Verified
The labor-supply curve is affected by the trade-off between labor and leisure.
Labor-supply Curve
A visual chart that displays the connection between the amount of work provided by employees and the rate of pay.
Labor
The physical and mental exertion of humans utilized in creating goods and services.
Leisure
Free time when one is not working or attending to other duties.
- Acquire insight into how wages, labor force availability, and the preference for labor versus leisure are related.
Verified Answer
CL
Chris LogsdonJul 23, 2024
Final Answer :
True
Explanation :
The labor-supply curve is influenced by the trade-off between labor and leisure because individuals must decide how much of their time to allocate to work (labor) versus non-work activities (leisure), affecting how much labor they supply at different wage rates.
Learning Objectives
- Acquire insight into how wages, labor force availability, and the preference for labor versus leisure are related.