Entry into the information technology industry becomes more attractive the more firms there are because of the increased availability of already trained workers. Given this trend, it appears that information technology is
a. an increasing-cost industry.
b. a constant-cost industry.
c. a decreasing-cost industry.
d. a government subsidized industry.
c. a decreasing-cost industry.
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Comment on the following: "The second welfare theorem says that we can get any efficient allocation to be an equilibrium allocation. If endowments are inequitably distributed in an economy, we can therefore redistribute among people and still get an efficient outcome. As a result, there is no policy trade-off between equity and efficiency."
What will be an ideal response?
Which of the following would cause a decrease in the demand for fish?
A) The price of red meat increases. B) The price of fish increases. C) The price of chicken decreases. D) The number of fishing boats decreases.
In the United States, the most recent use of wage and price controls occurred during the:
a. Nixon administration. b. Carter administration. c. Reagan administration. d. Clinton administration.
Microeconomics differs from macroeconomics in that microeconomics focuses on:
A. the performance of the entire economy. B. government policies designed improve the performance of the national economy. C. the choices made by individuals and the implications of those choices. D. issues such as inflation, unemployment and economic growth.