Answer to Question #305399 in Microeconomics for Suraj yadac

Question

Draw the indifference curve for someone is deciding to alloacate time between work and leisure.what will be the shape of labour supply curve?

Answer 1

The very top portion of the labor supply curve is called a backward-bending supply curve for labor, which is the situation of high-wage people who can earn so much that they respond to a still-higher wage by working fewer hours.