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Why Labor Supply Curve Is Backward Bending?
Can you explain how will it be?can you show a sample curve?
asked 4 months ago
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Well the labor supply is backward bending because as wages increase the supply for labor will increase so the slope of the curve would be upward sloping. Due to high wages many more laborers would be willing and able to work. This would increase labor supply. For more information visit www.about.com. Search for economics section from there onwards.
answered 4 months ago
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As the wage of a worker rises, he works more and more to avail the rising marginal utility of working but at very high wage, he may be subject to law of diminishing marginal utility because excess money will make further money of little value to him so he will work less and less and spend more time in leisure making the supply curve bend backwards.
answered 4 months ago
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