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What are the determinatives of demand for a product?

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What are the determinatives of demand for a product? What are the determinatives of supply of a product?

Adam Smith developed the theory of absolute advantage. Can any country really have an absolute advantage over other countries?

Explain what is wrong with this statement: "Opening trade drives prices of goods and costs of factors into equality between countries, but once prices and costs equalize, there is no longer any reason to trade."

 

Reference no: EM13878117

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