Business, 27.08.2020 01:01 diamonds5307

Suppose that freedonia and lamponia agree to trade. each country focuses its resources on producing only the good in which it has a comparative advantage. the countries decide to exchange 12 million pounds of lemons for 12 million pounds of tea. this ratio of goods is known as the terms of trade between fredonia and lamponia.

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Suppose that freedonia and lamponia agree to trade. each country focuses its resources on producing...

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