Examlex
The following graph illustrates a low wage labor market.
Imposition of the $12/hour minimum wage caused worker surplus to ____ and employer surplus to _____.
Public Goods
Public goods are commodities or services that are provided without profit to all members of a society, either by the government or a private individual or organization.
Nonexclusive Good
Good that people cannot be excluded from consuming, so that it is difficult or impossible to charge for its use.
Exclusive Good
A product or service that is only available to a specific group of consumers or requires special access, often characterized by high quality and price.
Negative Externality
A cost that affects a party who did not choose to incur that cost, often associated with environmental pollution.
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