Backward-bending labor supply curve indicated that the income effect (IE) dominates the substitution effect (SE) as with an increase in real wage (W) to some extent of the wage point after that it started backward bending.
The excess in labor supply during the increment in the wage rate will increase the availability of labor as people started working over preferring leisure.
This excessive supply will cause abundance in supply and institutions will limit that supply and stick to the wage therefore the supply will start reducing.
In the attached graph, here we can see that at point W2 the wage will be constant and after that point, the labor supply will start bending backward.
- Excessive supply will limit the supply at the point from that w1 to w2 from that point afterward at w3 will occur between w1 and w2 because of backward bending.
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Answer:
B. False
Explanation:
When total debits equals to total credits on a trial balance, we can't assured that there are no errors of any sort occurred during the preceding steps in the accounting cycle.
Following Accounting Errors may result in Balanced Trial Balance
Errors of omissions
Errors of commissions
Errors of misposting
Compensating errors
Errors of Principle
A fixed price is for a fixed scope of work
Eloise, an engineer for an oil company, is interested in working overseas at this stage of her life because she knows that foreign work experience demonstrates independence, resourcefulness, and entrepreneurship to potential employers.
<u>Explanation:</u>
The work experience in foreign demonstrates the skills that includes, confidence, independence, Adventure sense, Sense of ambitions, adaptability and open minded nature. Working at overseas helps in increasing the confidence. It also improves the sense of being adventurous and make the individual more independent.
When the independent nature of an individual gets enhanced, he or she will develop a sense of being an entrepreneur. There will be a lot of resources inside the mind of an individual with which he or she can start a own business.