3. The price of trade Suppose that Greece and Switzerland both produce fish and shoes. Greece's opportunity cost of producing a pair of shoes is 5 pounds of fish while Switzerland's opportunity cost of producing a pair of shoes is 10 pounds of fish. By comparing the opportunity cost of producing shoes in the two countries, you can tell that has a comparative advantage in the production of shoes and has a comparative advantage in the production of fish. Suppose that Greece and Switzerland consider trading shoes and fish with each other. Greece can gain from specialization and trade as long as it receives more than of fish for each pair of shoes it exports to Switzerland. Similarly, Switzerland can gain from trade as long as it receives more than of shoes for each pound of fish it exports to Greece. Based on your answer to the last question, which of the following prices of trade (that is, price of shoes in terms of fish) would allow both Switzerland and Greece to gain from trade? Check all that apply. 3 pounds of fish per pair of shoes 9 pounds of fish per pair of shoes 15 pounds of fish per pair of shoes 8 pounds of fish per pair of shoes

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