Consider the Trade of a Product Between Two Regions

question 1

Multiple Choice

Consider the trade of a product between two regions.If it is very inexpensive to move the product from one regional market to another,then the

• A)price it sells for in every country will depend on the cost of labour in the single low- cost country in which the product was produced.
• B)absolute cost of producing the product must be the same in all markets.
• C)difference in the price from one market to another will depend on the relative elasticities of supply in the separate markets.
• D)"law of one price" argues that it will sell for the same price in all markets.
• E)production of the world supply will be from the single country with the lowest absolute cost of producing it.

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