The different points on a cost curve represent alternative production possibilities in the same time period

Lorna's Lumberyard is a monopsony. Lorna estimates that at a wage of $10 per hour, 100 workers would be willing to work for her. Similarly, at a wage of $12 per hour, 200 workers would be willing to work. Her marginal labor cost is

a. $10 b. $14 c. $120 d. $140 e. $240

Store clerks are known to have low wages. This is likely to reflect the fact that

a. store clerk jobs are perceived to be relatively easy, thus attracting low-skill workers. b. store clerk jobs are perceived to be relatively difficult, thus attracting high-skill workers. c. many people perceive the job of store clerk as having significant risk of death on the job. d. store clerks are required to have a college degree.