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While running for president, Barack Obama made the following statement: "Well, look, people don't want a cheaper T-shirt if they're losing a job in the process." What did Obama mean by the phrase "losing a job in the process"? Using the economic concept of comparative advantage, explain under what circumstances it would make sense for the United States to produce all of the T-shirts purchased in the United States. Do you agree with President Obama's statement? Briefly explain.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91736453

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