If the supply of computer engineers increases at the same time that the demand for these workers decreases, what would be the MOST LIKELY effect on wages for these workers?

AWages would stay the same as job opportunities increase.
BWages would increase as the number of workers increases.
CWages would decline as the competition for jobs increases.
DWages would increase as competition for these workers increases

If a drug company is granted a patent on a new medication, which result is possible?

Aa price ceiling
Bgovernment control of that drug
Ca monopoly in the production of that medication
Dperfect competition in the market for that drug

If the supply increases as demand decreases then you can expect wages to remain stagnant or decrease since there will be a surplus of computer engineers available

Answer Link

MsEHolt MsEHolt · Answer 2 · 2018-08-22T20:42:06-04:00

The correct answers are:

C) Wages would decline as the competition for jobs increases; and C) a monopoly in the production of that medication.

Explanation:

If we have a surplus of employees for a decrease in the amount of jobs, it is likely that employers will lower wages, since there is no difficulty in finding employees.

If one company produces a new drug, and no other companies are producing it, there could potentially be a monopoly for that drug.