The backward bending supply curve for labour:     depicts the decreasing labour costs involved in producing goods or services     reflects the costs relating to the hiring of employees     reflects the reaction to the minimum wage rate             shows that at a higher wage rate, the number of hours the worker is willing to work decreases - the income effect       all of the above

Explore the effects of artificial intelligence (AI) and automation on the wage gap between skilled and unskilled labor. Analyze the potential long-term shifts in labor demand across various sectors and evaluate policy measures that could be implemented to ensure equitable wage growth and employment opportunities in an increasingly automated economy.

Why wages differ For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Scenario Differences in Human Capital Compensating Differential Differences in Natural Ability Labour Unions Major-league baseball pitchers earn more than minor-league baseball pitchers.           A law firm hires Simone, a recent graduate from law school, and pays her an annual wage of $40,000. It also hires Manuel, a second-year law student, and pays him an annual wage of $30,000. Simone and Manuel were born in the same country, attended the same university, and studied in the same graduate program.           Two automotive technicians have the same amount of schooling and work experience, but earn different wages. The first works the day shift for an auto manufacturer factory for an annual wage of $54,000 per year, and the second works the night shift for the same company for an annual wage of $63,000 per year.

Describe backward bending labor supply curve by discussing the income andsubstitution effects?