Refer to the diagram above. What is the significance of the point at the top of the backward bending of the supply curve marked L3? Question 2 options: as wages increase over this range, the quantity of hours worked also increases. as wages increase over this range, the quantity of hours worked changes very little. as wages increase of this range, the quantity of hours worked is more inelastic. as wages increase over this range, the quantity of hours worked actually decreases. RealWageRateIndividual LabourSupply (2)Individual LabourSupply (1)Hours of WorkL1L3 L2Supplied (LS)

option 4 is a correct answer •As wages increse over this range quntity of hours actually…

Answered: Refer to the diagram above. What is the…

Refer to the diagram above. What is the significance of the point at the top of the backward bending of the supply curve marked L3?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterD: The Expenditure-output Model

Section: Chapter Questions

Problem 21CTQ: Exercise D21 What are some reasons that the economy might be in a recession, and what is the...

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Question

Refer to the diagram above. What is the significance of the point at the top of the backward bending of the supply curve marked L3?

Question 2 options:

	as wages increase over this range, the quantity of hours worked also increases.
	as wages increase over this range, the quantity of hours worked changes very little.
	as wages increase of this range, the quantity of hours worked is more inelastic.
	as wages increase over this range, the quantity of hours worked actually decreases.

Real
Wage
Rate
Individual Labour
Supply (2)
Individual Labour
Supply (1)
Hours of Work
L1
L3 L2
Supplied (LS)

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