At higher wages, individuals would rather work more than engage in other things, like leisure, so...

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At higher wages, individuals would rather work more than engage in other things, like leisure, so...

At higher wages, individuals would rather work more than engage in other things, like leisure, so their labor supply curve will bend backward.

True or False

business economics

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Answer 1

Answer #1

Ans. True

At higher wages the opportunity cost of leisure increases and hence the individual would prefer working rather than enjoying leisure which results in the backward bending labor supply curve.

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Answer 2

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