Refer to Table 9-7. Fill in the following table with the opportunity costs of producing handbags and jackets for Cambodia and Thailand

Refer to the figure above. If the profit-maximizing quantity of labor hired by the firm is 40 hours, the market wage rate must be ________

A) $2 per hour B) $5 per hour C) $7 per hour D) $8 per hour

What are the two effects that explain the law of demand? Briefly explain each effect

What will be an ideal response?