The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6

-The quantity of labor supplied by a particular wage earner will always increase as long as the wage rate increases.

Question

The following figures show the demand (D) and supply (S) curves of micro and macro economists.Figure 16.6
 
-The quantity of labor supplied by a particular wage earner will always increase as long as the wage rate increases.

Quizplus · Accepted Answer

The relationship between wage rates and labor supply is not always direct; beyond a certain point, higher wages can lead to a decrease in labor supply as individuals may prefer leisure over additional work, illustrating the backward-bending supply curve of labor.

The Following Figures Show the Demand (D) and Supply (S)