What describe the price at which trade takes place

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The principle of comparative advantage does not provide answers to certain questions. One of these questions is

1. Is it possible for specialization and trade to benefit more than one party in a trade?

2. Is it possible for specialization and trade to increase total output of traded goods?

3. Do opportunity cost play a role in people's decision to specialize in certain activities?

4. What describe the price at which trade takes place?

Reference no: EM1354167

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