Labour supply curve is ______.

backward sloping

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upward sloping

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downward sloping

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straight line

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Solution

The correct option is A backward sloping
Labour supply curve is a backward sloping curve as when real wages increase beyond a certain level ,people will substitute non paid time for paid worktime and so higher wages lead to a decrease in labour supply and so less labour time being offered for sale.

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Will the supply at a point on a positively sloped, straight line supply curve be unitary elastic, elastic or inelastic ?

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