In the early years of software development the industry had to train its own workers in developing code to build software applications. It was a very costly undertaking as software firms had to shoulder most of the training costs
However, over time the industry began to experience decreasing costs. How and why did this transformation take place?
Over time colleges, universities and technical institutes began to offer computer science course and degrees. Students then began to take on more of the cost of training. This no doubt led to declining cost for the software industry.
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One major barrier to entry under pure monopoly arises from ________.
A. the availability of close substitutes for a product. B. the price taking ability of the monopoly. C. diseconomies of scale. D. the cost of the infrastructure needed to produce.
In the above figure, if the quantity is equal to 500,000 units, the deadweight loss is equal to
A) area C. B) area D + area I. C) area B + area F. D) area G + area H. E) None of the above answers is correct because the deadweight loss is equal to zero.
Describe ways that governments can promote faster economic growth
What will be an ideal response?
Refer to Figure 2-6. If the economy is currently producing at point C, what is the opportunity cost of moving to point B?
A) 26 thousand forks B) 20 thousand spoons C) 46 thousand forks D) 40 thousand spoons