According to What Economists Call the "Law of One Price

Multiple Choice

According to what economists call the "law of one price,"

A) the world price of a commodity is established by the country with the highest relative demand for that product without respect to the cost of production.
B) the world price of a commodity is established by the country with the highest opportunity cost in producing the product without respect to the domestic or world demand for the product.
C) the price of a specific product will be the same in any two markets in which the cost of labour is the same.
D) the lower the costs to move a product from one market to the other,the more equal the prices for the same product when it is sold in different markets.
E) the price of a given product will never be equal in two different markets because of differences in the patterns of demand.