he law of one price says that the price of... a. Labour, measured in terms of its opportunity cost, is the same in all markets. b. A product that is costless to transport will be the same in all markets. c. A product is always equal to the absolute cost of the resources that went into its production in any country. d. Natural resources is the same in all markets. e. A product worldwide is always equal to the cost of production from the country with the lowest opportunity cost to make the product.

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A: Option (D).

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A: Opportunity cost=sacrifice/gain =10/10=1

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Q: Needing some help on these problems! Thank you in advance.

A:

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A: Apparel and footwear industry is labor-intensive and most of their cost includes wages paid to…

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A: Given  Food production uses 80 workers and 200 acres  And cloth production uses 40 workers and 40…

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A: Opportunity cost is the next best alternative foregone. For decision making,it is useful because…

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Q: Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of…

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Q: If Country A and Country B each have 100 units of labour, calculate the maximum production of each…

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Q: Homework (Ch 02) Suppose South Africa produces two types of goods: agricultural and capital. The…

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A: Answer: Opportunity cost: opportunity cost refers to the production of one good sacrificed to…

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A:

Q: Using your own words, describe the law of increasing opportunity costs.  Be sure to explain why this…

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Q: Task 2. Assume that Saxony has 500 labor hours per week, while Leinster has 1200. Both countries…

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A:

Q: If a country (say the UK) has 900 units of labour available, can produce two goods (cars and PCs)…

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A: Answer: (C). Opportunity cost refers to the units of a good sacrificed in order to increase the…

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A: The opportunity cost is the value of next best alternative use of given resources.

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A: Answer-

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Q: What does it mean by a linear production possibility frontier?

A: (Q) What does it mean by a linear production possibility frontier? Linear production possibility…

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