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Question 1: Consider one speci?c market in Country A. Suppose that the world price of this good is higher than the domestic price. Graphically prove that free trade is better than no trade. (Hint: Compare Consumer and Producer Surplus before and after opening the market up to trade and make note of the net welfare effect)

Question 2: Brie?y explain if your conclusion holds if the world price was below the domestic price.

Macroeconomics, Economics

  • Category:- Macroeconomics
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