Write short notes on the following: Labour supply curve

Write short notes on the following:

Labour supply curve

Labour supply curve represents the labour supplied at different wage rates. It is a backward bending curve. Initially, as the wage rate increases the worker prefers work to leisure. Thereby, the labour supply curve slopes upward. However, as the wage rate continues to rise, the beyond a point, the workers start preferring leisure to work. Accordingly, beyond this the labour supply curve bends backwards.


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