As new regional trading arrangements are formed, the opportunity cost of remaining outside

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The formation of a customs union with Germany (the low-cost producer) would allow Greece to import calculators at a lower price than what they are currently paying on the world market. This would increase the opportunity cost of remaining outside the customs union, as Greece would be missing out on the cost savings and potentially facing higher prices for imported goods.

As New Regional Trading Arrangements Are Formed, the Opportunity Cost