Suppose when you are offered $7.00 per hour to work in the campus library, you choose not to work, but when you are offered $10.00 per hour, you accept a part-time position. your behavior can best be explained by the fact that your supply of labor curve is:

Question

Business

Theodore

28 April, 01:51

Suppose when you are offered $7.00 per hour to work in the campus library, you choose not to work, but when you are offered $10.00 per hour, you accept a part-time position. your behavior can best be explained by the fact that your supply of labor curve is:

+5

Answers (1)

Know the Answer?

Kingston · Answer 1

You develop your labor (human capital)

Due to scarcity, choices must be made. Every choice has a opportunity cost

Everyone's goal is to make choices that maximize their satisfaction. Everyone acts in their own "self-interest"

Everyone makes decisions by comparing the marginal costs and marginal benefits of every choice.

You found it to be scarce that you were offered $3.00 dollars more than the first offer.