What Is the Most Common Reason Why U

question 68

Multiple Choice

What is the most common reason why U.S. organizations hire employees in foreign countries?

• A) lack of technology in the United States.
• B) lack of demand for their products in the United States.
• C) poor quality of labor in the United States.
• D) governmental pressure
• E) low cost of labor in foreign countries

Recognize the role of price, average total cost, and marginal cost in determining a firm's profitability.

Distinguish between the short run and long run in perfectly competitive markets.

Understand the implications of homogeneous products in perfectly competitive markets.

Recognize the supply curve in the context of a perfectly competitive firm's cost curves.

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Definitions:

Efficiently Used

Utilized in a manner that maximizes productivity or effectiveness while minimizing waste or unnecessary expenditure of resources.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Efficiency

The optimal use of resources to achieve the best possible outcome.

Opportunities

Options or possibilities for individuals or firms to engage in beneficial activities or investments.