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Assume that a country produces and consumes two goods, cloth and machines, and is in equilibrium in autarky. It now finds that it can trade at international prices where (P cloth/P machines) on the world market is greater than (P cloth/P machines) in the domestic market. Should it trade? If so, what commodity should it export? Why? Will it gain from trade? How do you know?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942025

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