Question
Backward bending supply curve belongs to which market?
Answer: Option C
Answer: (c)
In economics, the backward bending supply curve is related to labour.
Also known as the backwards-bending supply curve of labour, This curve models a situation where workers choose to substitute leisure time for work time, i.e. wages, thus reducing the pool of labour available.
It shows how the change in real wage rates affects the number of hours worked by employees.
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Answer: (c)
In economics, the backward bending supply curve is related to labour.
Also known as the backwards-bending supply curve of labour, This curve models a situation where workers choose to substitute leisure time for work time, i.e. wages, thus reducing the pool of labour available.
It shows how the change in real wage rates affects the number of hours worked by employees.
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