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(solution) Are the following statements true or false? Explain in each case. a. If one consumer gains from a...


Are the following statements true or false? Explain in each case. a. If one consumer gains from a trade, the other consumer involved in the trade must lose. b. The gains from trade are based on comparative advantage, not absolute advantage. c. The person who can produces the good with less input has an absolute advantage in producing this good. d. The person who has the smaller opportunity cost of producing the good has a comparative advantage in producing this good. e. The competitive equilibrium is the only allocation where the gains from trade are exhausted.

 


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Sep 13, 2020

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