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    Opportunity cost

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    Think about the trade-off between work and leisure during a given day, and from day to day. During a given day, does the opportunity cost of work rise, decline, or remain constant with each additional hour of work? And, if the wage rate remains the same, does the opportunity cost of work vary from day to day, regardless of the day of the year?

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    Solution Preview

    Opportunity cost is the value of the next best choice that one gives up when making a decision. With each additional hour of work during a day, the opportunity cost of work increases. ...

    Solution Summary

    Opportunity cost is summarized briefly.