The poor, in considering a job offer, face constraints that middle-class job seekers are not subject to

For a nation to have ________ in producing a good it must have a lower opportunity cost of producing that good than the other country

A) a comparative advantage B) an autarky advantage C) an absolute advantage D) both a comparative advantage and an absolute advantage

Hank's Propane Storage Company is a profit-maximizing monopsony in the local labor market for propane handling, delivery, and other associated services. The supply and marginal cost of labor curves are shown in the figure above

Hank's demand for labor curve is the curve labeled VMP = D. At what level should a minimum wage be set in order to achieve the wage rate and quantity of employment that would be attained in a competitive labor market? A) $4 per hour B) $6 per hour C) $8 per hour D) $12 per hour