The backward-bending supply curve is a phenomenon that describes the market, not the individual labor supply curve.

Name: The backward-bending supply curve is a phenomenon that describes the market, not the individual labor supply curve.
Brand: Quizplus
Rating: 4.9 (53 reviews)

Question

Quizplus · Accepted Answer

The backward-bending supply curve specifically describes the individual labor supply curve, illustrating how an individual's labor supply might decrease as wages increase beyond a certain point, due to the substitution effect being outweighed by the income effect.

The Backward-Bending Supply Curve Is a Phenomenon That Describes the Market