The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours do students work?

Relative poverty refers to

A) how a family's income compares to the incomes of those around them. B) poverty levels at a stated income cutoff. C) the number of poor in one state relative to another. D) none of the above.

Suppose that Megabucks Corporation is earning an economic profit of $4,000 through the sale of a product. If the price of the product is $6 per unit and its ATC is $4 per unit, Megabucks must be producing 8,000 units

a. True b. False Indicate whether the statement is true or false