5. trade can benefit both parties as long as a. the price of the good is lower than the exporter’s opportunity cost but higher than the importer’s opportunity cost. b. the price of the good is higher than the exporter’s opportunity cost but lower than the importer’s opportunity cost. c. the price equals both countries’ opportunity costs. d. they have a trade agreement.

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14-09-2022
Business

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5. trade can benefit both parties as long as a. the price of the good is lower than the exporter’s opportunity cost but higher than the importer’s opportunity cost. b. the price of the good is higher than the exporter’s opportunity cost but lower than the importer’s opportunity cost. c. the price equals both countries’ opportunity costs. d. they have a trade agreement.

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Tutorconsortium322 Tutorconsortium322 · Answer 1 · 2022-09-16T03:05:03+02:00

Trade can benefit both parties as long as the price of the good is higher than the exporter’s opportunity cost but lower than the importer’s opportunity cost.

What is opportunity cost?

According to microeconomic theory, the value or advantage forfeited by engaging in a specific activity in comparison to engaging in an alternative activity is known as the opportunity cost.
In plainer terms, it indicates that by choosing one activity, you are forgoing the chance to choose an other.
The cost of the next best alternative or choice is known as the opportunity cost. You can decide whether to quantify this value in dollars or not.
Time or contentment are two more ways to measure value. The ratio of what you are forgoing to what you are obtaining can be one formula to determine opportunity costs.

Learn more about opportunity cost here

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