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Consider the possibility of trade between countries. When opportunity costs differ between countries,

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Consider the possibility of trade between countries. When opportunity costs differ between countries,

Consider the possibility of trade between countries. When opportunity costs differ between countries,

▸ specialization and trade can lead to increases in the production of all commodities.

▸ only the smaller countries will benefit from trade.

▸ each country should produce only those goods for which it has an absolute advantage.

▸ only the larger countries will benefit from trade.

▸ comparative advantages may not exist.

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Microeconomics

Edition: 17^th

Author: Ragan

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