A Change in the Supply of a Good Can Result

question 92

Multiple Choice

A change in the supply of a good can result from a change in _____.

• A) technology
• B) price
• C) consumers' income
• D) the tastes and preferences of the consumers

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Definitions:

Globalization

The process of interaction and integration among people, companies, and governments worldwide, often resulting in increased interconnectedness and interdependence.

Offshoring

The relocation of a business process or operation from one country to another, typically for lower costs or other strategic benefits.

Resource Markets

Markets where resources or inputs used to produce goods and services, such as labor, capital, and raw materials, are bought and sold.

Absolute Advantage

A situation where a country or entity can produce more of a good with the same amount of resources than other countries.