With regard to international trade, which of the following is implied by the "law of one price"?
◦ 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.
◦ 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.
◦ The price of a specific product will be the same in any two markets in which the cost of labour is the same.
◦ The price of a given product will never be equal in two different markets because of differences in the patterns of demand.
◦ 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.
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