Do specialization and trade benefit more than one trade

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Reference no: EM13207720

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

a. Do specialization and trade benefit more than one party to a trade?

b. Is it absolute advantage or comparative advantage that really matters?

c. How are the gains from trade shared among the parties to a trade?

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

Reference no: EM13207720

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