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6 February, 00:11

What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage?

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  1. 6 February, 01:41
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    Option 1 - the opportunity cost of leisure decreases as wages decrease.

    Explanation:

    The labour supply curve of any occupation will always be upward sloping because when wages, (the opportunity cost of leisure) rises, the more hours of leisure a staff will relinquish to do more work.

    The opposite of this is true as seen in option 1 of the question.

    Opportunity costs will reduce with a consequent reduction in average wages. When fewer people want to retain their employment due to decrease in wage rates, it would lead to a fall in demand for leisure.
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