Advertisements
Advertisements
प्रश्न
State with reason whether you agree or disagree with the following statement:
The supply curve of labour is backward bending.
पर्याय
Agree
Disagree
उत्तर
I agree with the given statement.
Reason:
- Labour supply refers to the total number of hours that a worker is willing to work at given wage rate. It can be represented graphically by a supply curve.
- A labourer may be willing to work for more hours if he is earning higher amount of wages per hour. As the wage rate increases, the number of hours that a labourer is willing to work for also increase (higher the price, higher the supply). Thus, the supply curve of labour slopes upwards.
- However, beyond a certain point, when the wage rate rises further, the supply of labour will decrease because the labourer would prefer leisure to work. Thus, after a certain point, the supply of labour tends to fall even at higher wage rate. Hereafter, the supply curve of labour slopes backward.
- It can be explained with the help of the backward bending labour supply curve:
Therefore, the supply curve of labour is backward bending.
APPEARS IN
संबंधित प्रश्न
There are no exceptions to the law of supply.
Distinguish between Expansion of Supply and Increase in Supply.
Distinguish between Contraction of Supply and Decrease in Supply
Exceptions to the law of supply:
- Constant cost of production
- Constant technique of production
- Does not apply to agricultural goods
- No change in weather conditions
Give economic terms:
Rise in the quantity supplied of a commodity due to a rise in its price, other factors remaining constant −
Find the odd word
Exception to law of supply -
Downward movement along the same supply curve should ______.
Assertion (A): The supply curve of labour slopes downwards.
Reasoning (R): After a certain point of time, when wage rate rises, the supply of labour (hours of work) tends to fall.
State with reason whether you agree or disagree with the following statement:
There are many exceptions to the law of supply.
Identify and explain the concept from the given illustration:
Mahesh supplied (sold) more fruits at a comparatively low price due to the perishable nature of fruits.
- Assertion (A): Perishable goods are the exception to the Law of Supply.
- Reasoning (R): Perishable goods are sold in greater quantities only at higher prices.
Law of supply does not apply to ______.
The supply of perishable goods like milk, vegetables, fish is ______.
Discuss any two exceptions to the law of supply.
State one exception to the law of supply.
