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As long as two people have different opportunity costs, each can gain from trade by being able to obtain a good at a price lower than his or her opportunity cost.
Q15: What does microeconomics study?<br>A) the behaviour of
Q50: In a market, the price of any
Q62: What causes almost all variation in living
Q100: Suppose two Canadian provinces, say Alberta and
Q106: Which statement best describes the relationship between
Q121: Suppose a nation is currently producing at
Q124: What will time inconsistency cause?<br>A) It will
Q159: The "two-country, two-good" model (sometimes called the
Q169: Refer to the Table 4-2. What is
Q188: After much consideration, you have chosen Cancun