| 单词 | backward-bending supply curve |
| 释义 | backward-bending supply curve A supply curve for a good showing that less would be supplied at a higher price. Supply from a competitive industry normally rises with price, so the supply curve slopes upwards. Higher prices induce existing firms in the industry to supply more, and attract new entrants to the industry. A backward-bending supply curve can only occur if these assumptions break down. Existing suppliers may react to higher prices by producing less because of the income effect of higher prices: peasant farmers, for example, could choose to work less when prices rose. Higher prices are unlikely to cause exit from an industry, but if the supply of possible entrants is inelastic, too few new entrants might come in to offset the effects of reduced effort by existing suppliers, and a backward-bending supply curve could result. |
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