What is back ward bending labour supply curve?explain it by using a hypothetical example?
I think the other answer is way off the mark, but it has been a while. The labor supply curve shows labor on the horizontal axis and wages on the vertical. ‘Backward bending’ simply means drawing the line like the top left part of an X, instead the usual way to draw a labor supply curve, which like the right of an X (that is, going down instead of up). What does this mean? It means that you will supply more labor if the wage is low, and less labor if the wage is high. Does it make sense? Nothing about the labor supply curve makes much sense to me really. Most people just go out and look for work and if they find it great, if not they live on the streets. They obviously try to find the highest salary for their skills, but that is about it. Being no fan of the labor supply curve, the backward bending one makes sense: if you need a certain amount to live, and someone offers you a very small wage, you will work long hours. As the wage increase, perhaps you will reduce your hours. At some p
