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Question : Backward-bending supply curve belongs to which market?

Option 1: Capital

Option 2: Labour

Option 3: Money

Option 4: Inventories


Team Careers360 11th Jan, 2024
Answer (1)
Team Careers360 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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