Business, 25.12.2019 17:31, ashelygarcia4321
You and other college students are deciding whether to major in music or engineering. you learn that there is a shortage of engineers making it easy for engineering graduates to find employment while there is a glut of musicians for whom finding a job is difficult. as a result, you and many other college students decide to major in engineering. what economic principle does this illustrate?
a. specialization leads to economic efficiency
b. government intervention can improve efficiency when there is a market failure
c. individuals do not normally take into account the decisions of other individuals
d. markets tend to move towards equilibrium as individuals respond to incentives
e. changes in incentives are unlikely to change the decisions people make
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