What factors underlie whether specialization in production

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Q1. Suppose there is a sudden change in the preferences for chocolates. However the price of production rises due to a rise in the price of a milk. Use a demand supply model, to determine what happen to the equilibrium price and quantity in this case.

Q2. What factors underlie whether specialization in production will be partial or complete on an international basis?

Reference no: EM138245

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