Agree with Sebastian's response. However would like to add that the markets labour supply curve would be an aggregation of individual labour supply offer curves.
Answered by Shantanu Shoree
on January 7th, 2012 @ 4:05 p.m.
Basically, it will bend backwards when the worker is being paid enough to sustain their comfortable lifestyle and when the utility gained from an extra hour of leisure is greater than the utility gained from an extra hour of income.
Answered by Sebastian Smuts
on December 6th, 2011 @ 12:11 p.m.
