Examlex
Which of the following statements is not true?
Wage Rate
The amount of money paid to a worker per unit of time, usually expressed per hour or year.
Supply Curve
A graphical representation showing the quantity of goods that producers are willing and able to sell at different prices.
Market for Labor
The economic marketplace where employers find workers and workers find jobs.
Backward-Bending
Referring to the labor supply curve, it describes the scenario where an increase in wage rates leads to a decrease in the hours worked due to an increase in income effect over substitution effect.
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