Buy custom Explain why the theory of comparative advantage is the basis for international trade (mutual benefit from trade).
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Thus each country would export the good in which they have a comparative advantage. Trade flows would increase until the price of each good is equal across countries. In the end, the price of each country's export good, will rise and the price of its import good will fall.
The higher price received for each country's comparative advantage good would lead each country to specialize in that good...
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Thus each country would export the good in which they have a comparative advantage. Trade flows would increase until the price of each good is equal across countries. In the end, the price of each country's export good, will rise and the price of its import good will fall.
The higher price received for each country's comparative advantage good would lead each country to specialize in that good...
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Explain why the theory of comparative advantage is the basis for international trade (mutual benefit from trade).
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