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The benefits of increased openness in trade.
Narrowly defined, trade openness is lowering trade barriers - facilitating increased imports - whereas focusing on international export markets. Advantages include choice/consumption etc for consumers, whereas firms have access to a broader (international) market. Society gains from economic growth, improved resource allocation and the spread of knowledge/technology.
subsitution effect dominate tha income effect in which good case?
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what are the uses of cross elasticity quantity in demand/
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in aid of a diagram explain the concept of diminishing returns in production
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