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Welding has changed dramatically over the last decade with more welding jobs dependent on the use of computers. Computers are a complement only for high-skilled welders, so as more welding companies buy computers the wages of high-skilled welders will ________ and the wages of low-skilled welders will ________.
Regulated Monopolies
Market situations in which local, state, or federal government grants exclusive rights in a certain market to a single firm.
Economic Recession
a period of temporary economic decline characterized by a decrease in GDP, income, employment, and trade, typically lasting from six months to a year.
Communism
Economic system in which all property would be shared equally by the people of a community under the direction of a strong central government.
Pure Competition
A market structure characterized by a large number of small firms, a homogeneous product, free entry and exit, and perfect information, leading to firms being price takers.
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