In the above figure, if the government imposed a minimum wage of $8 per hour in this labor market, the increase in the hourly wage for those who are able to keep their jobs is

The principal feature of private goods is that

A) they cannot be rented or purchased. B) consumption by one person reduces the quantity available to others. C) no one can be excluded from consumption of the product. D) externality problems associated with their production are always negative.

Diminishing returns to labor occur for two primary reasons: 1) as we keep adding new workers, it becomes increasingly difficult to obtain productivity gains through additional specialization; and 2) each additional worker we add has less land and capital to work with

a. True b. False