Question: Present arguments why, all other things being the same, the industrial supply curve of labor is steeper, when the economy is closer to minimum subsistence

Present arguments why, all other things being the same, the industrial supply curve of labor is steeper, when the economy is closer to minimum subsistence to begin with. If food can be freely traded on the world market, do you anticipate that the supply curve will be flatter or steeper? Justify your answer.

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When the economy is closer to the minimum subsistence level the industrial supply curve of labor tends to be steeper due to several reasons 1 Higher Reservation Wage Closer to the minimum subsistence ... View full answer

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