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a. Without trade, what is the opportunity cost of 6 white socks (in terms of red socks) in Boston? In Chicago? b. Which city has
a. Without trade, what is the opportunity cost of 6 white socks (in terms of red socks) in Boston? In Chicago? b. Which city has an absolute advantage in the production of each color sock? Which city has a comparative advantage in the production of each color sock? c. If the cities trade with each other, which color sock will each export? d. What is the range of prices at which trade can occur? 4. Why do economists generally oppose policies such as import tariffs that impose barriers to trade among nations such
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