Maharashtra State BoardHSC Commerce 12th Board Exam
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Write Short Note on the Following: Labour Supply Curve. - Economics

Answer in Brief

Write short note on the following:

Labour supply curve.

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Solution

 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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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 2.5 | Page 45
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