One Price

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One Price

Frequently Asked Questions...

I am very stuck on this economics question: How is outsourcing related to the law of one price?

A.) Outsourcing is one of the mechanisms that maintain the law of one price, like free trade, low transportation costs, and peace.
B.) Outsourcing is one of the mechanisms that impede the law of one price, like trade barriers, high transportation costs, and war.
C.) Outsourcing causes the law of one price; the transfer of jobs to unskilled foreign workers allows them to become “equal” workers through learning by doing.


Best Answer...

Answer:

Outsourcing results in reduced demand for higher priced labor in the local market. As a result, labor for tasks that can be outsourced at a relatively low transaction cost will go down in price. This is consistent with the law of one price. In a competitive market, there can be only one price for an identical good.

Is outsourced labor an identical good when compared to local labor? Only if you separate out everything else that makes the two sources of labor different.

I would be inclined to select A as the least bad answer to the question. Free trade and low transportation costs enable outsourcing. I suppose peace allows for the existence of outsourcing in the sense that two nations at war probably can't have an outsourcing trade relationship

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