c. If both states decided to trade with each other, which of the following is a range of terms of trade that would benefit both Wisconsin and California (1 ton of cheese = x tons of cherries)? multiple choice 3 They would be willing to trade in the range of 0.5 ton of cherries per ton of cheese to 4 tons of cherries per ton of cheese. They would be willing to trade in the range of 1 ton of cherries per ton of cheese to 4 tons of cherries per ton of cheese. They would be willing to trade in the range of 0.5 ton of cherries per ton of cheese to 3 tons of cherries per ton of cheese. They would be willing to trade in the range of 2 tons of cherries per ton of cheese to 4 tons of cherries per ton of cheese.
Added by Andrew C.
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Wisconsin's opportunity cost = 0.5 ton of cherries per ton of cheese; California's opportunity cost = 4 tons of cherries per ton of cheese. Show more…
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