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Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce ...

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Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce ...

Scenario: Farm Country and Industry Country are two neighboring countries. Both countries produce only one good: good X. Production in both countries is a function of total efficiency units of labor and physical capital stock.

Refer to the scenario above. Why would an increase in competition in Farm Country increase productivity?

▸ The physical capital stock employed in production would increase.

▸ Resources would be allocated and utilized more efficiently.

▸ Unemployment would decrease.

▸ Firms would earn lower profits.

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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