According to Figure 29

question 103

Multiple Choice

According to Figure 29.4, one of the possible outcomes of such offshoring is that:

• A)the price of the good in question rises in the U.S.market.
• B)the demand for Indian labor declines.
• C)the demand for U.S.workers increase.
• D)the price of the good in question rises in the Indian market.
• E)the Indian workers replace the U.S.workers.

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Definitions:

Utility-Maximizing

A principle in economics whereby individuals seek to optimize their satisfaction or happiness through the consumption of goods and services.

Total Product Curve

A graphical representation showing how the quantity of output depends on the quantity of a variable input, holding all other inputs fixed.

Average Product

Calculating the efficiency of input by dividing the entire production by the volume of input.

Average Total Cost

The total cost of production divided by the quantity produced, also known as cost per unit.