📈Labor supply represents the quantity of labor employees are willing and able to work at each wage.
⌛️The supply of labor is influenced by individuals' value for leisure and the opportunity cost of not working.
💼As wages increase, labor supply generally increases, indicating a positive relationship between wage and quantity of labor supply.
🏖️The consumption of leisure decreases as wages increase, leading to an increase in labor supply.
🔄The labor supply curve is often backward-bending, with a negative slope at high wages.