True or False???
Labour supply may be “backward-bending” (higher wages leading to less labour supplied) only if leisure is an inferior good.
In economics, a backward-bending supply curve of labour or backward-bending labour supply curve is a graphical device showing a situation in which, as "real" or inflation-corrected wages increase beyond a certain level, people will substitute leisure (non-paid time) for paid work-time and thus higher wages lead to less labor-time being offered for sale. But if leisure is an inferior good, people will not substitute leisure (non-paid time) for paid work-time. So, the statement is false.
Everyone knows the life lesson “you learn from your mistakes” and “no one is perfect.” Although these may ring true,…
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