5. Suppose that the opportunity-cost ratio for fish and lumber is 1F 1L in Canada but...

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5. Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland. Then should specialize in producing fish while should specialize in producing lumber. LO26.2

a. Canada; Iceland.

b. Iceland; Canada.

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