Question : Backward-bending supply curve belongs to which market?
Option 1: Capital
Option 2: Labour
Option 3: Money
Option 4: Inventories
Answer (1)
22nd Jan, 2024
Correct Answer: Labour
Solution : The correct option is Labour.
The backwards-bending supply curve is associated with the labour market, depicting the relationship between wage rate and labour supplied. Initially, higher wages lead to an increased labour supply. This aligns with the law of supply.
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