The real question we need to answer is why are individual labor supply curves upward sloping? The answer, as in all supply curves, is opportunity cost. Most people value their time for things other than just earning money. As the wage W rises the cost of leisure activities rise. It costs you less to take the day off at $6/hour that it does at $50/hour.
Rising wages will typically lead to a desire to supply more time. This may seem odd at first. After all, wouldn't people who earn low wages want to work long hours so as to earn enough money to support themselves? Wouldn't highly paid workers want to work less so as to enjoy their income in leisure activities?
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