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.

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.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.3P

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