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What is meant by dumping?
Dumping is when a producing country dumps goods on foreign markets at a price lower than either the price on the home market or below the cost (HL: marginal cost) of production. Common instance are subsidised industries in developed countries which then dump excess supply on developing countries
Consider an upstream firm in Russia that mines iron ore at a total cost of $15 q , where q is the number of tons of ore. This upstream firm then ships ore to Germany for processi
the meaning of supply
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