There is no entry or exit in purely monopolistic markets.

The law of comparative advantage says that a country should specialize in the production of a good in which it has a relatively lower opportunity cost In the case country X's opportunity cost of producing thousand bricks is 0 70 tons of cement (= 3 5/5) lower opportunity cost. In the case, country X s opportunity cost of producing thousand bricks is 0.70 tons of cement ( 3.5/5). Country Y's cost of producing thousand bricks is 0.83 tons of cement (= 5/6). Given that country X has a lower opportunity cost of producing bricks, it should produce bricks and country Y should produce cement. They will both benefit from trade so long as the terms of trade are between 0.70 - 0.83 tons of cement per thousand bricks.

A legislated minimum wage will put the wage rate above the market clearing level and will result in a surplus of low-skill labor. This surplus labor is unemployed. To cut costs employers will cut non-wage benefits to employees such as job training.

Mean Absolute Deviation will be equal to Standard Deviation for a sample with equal number of two discrete values (all deviations of equal magnitude, half positive and half negative). In other situations Standard Deviation will exceed Mean Absolute Deviation.

The test statistic is measured AGAINST the critical value. The test statistic is defined as "...a quantity, calculated on the basis of sample, whose value is the basis for deciding whether to reject or not reject the null hypothesis." The critical value is found by referencing the probability distribution for the series (z-distribution, t-distribution, Chi-squared distribution, F-distribution, etc.).