By relocating business activities to lower-cost locations overseas, the large U.S. conglomerate was utilizing offshoring. Offshoring refers to the practice of moving business operations or services to another country to take advantage of lower labor and production costs.
Regarding the demand curve for gasoline, when the overall market demand for gasoline decreases, a new demand curve is created, shifting left or right. The demand curve represents the relationship between the price of a good (in this case, gasoline) and the quantity demanded at each price. A decrease in overall market demand for gasoline would lead to a shift of the demand curve to the left, indicating a lower quantity demanded at each price level.