WAEC Economics 2016 Objective — Question 12
Question 12 of 50 from the West African Examinations Council (WAEC) Economics 2016 Objective paper, with the correct answer and a full explanation.
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The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
- A. positively sloping supply curve
- B. perfectly elastic supply curve
- C. backward bending supply curveCorrect
- D. perfectly inelastic supply curve
Explanation
If the wage rate increases to a certain level, workers will prefer to play than to work. This will result in a backward sloping labour supply curve.
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