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phuong nguyen
on Dec 17, 2024

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Refer to Table 3-11. Bahamas and Denmark would not be able to gain from trade if Denmark's opportunity cost of one radio changed to

A) 0 coolers.
B) 1 cooler.
C) 2 coolers.
D) Bahamas and Denmark can always gain from trade regardless of their opportunity costs.

Opportunity Cost

The potential benefit that one misses out on when choosing one alternative over another.

Trade

The activity of buying, selling, or exchanging goods and services between people, firms, or countries.

  • Understand the conditions under which countries can benefit from trade.
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MN
Marcus NahhasDec 23, 2024
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