In an income-leisure diagram,

In an income-leisure diagram,

14. In an income-leisure diagram, the wage rate is graphically represented by the:

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a. slope of the indifference curves

b. curvature of the indifference curves

c. slope of the budget line

d. tangency of the budget line with an indifference curve

 

15. The optimal work-leisure position is achieved where:

a. the MRS L,Y is equal to the wage rate

b. the difference between the MRS L,Y and the wage is greatest

c. the wage rate is greatest

d. the MRS L,Y is greatest

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