Consider a world in which everyone agrees that changes in consumers well-being are more important than changes
Question:
Consider a world in which everyone agrees that changes in consumers’ well-being are more important than changes in producers’ well-being in analyzing the effects of free trade in furniture. (This belief is a deviation from the one-dollar, one-vote metric.)
Does the importing country still gain from free trade in furniture? Does the exporting country still gain from free trade in furniture?
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We can still use the basic analysis from this chapter but changes in consumer surplus count for more ...View the full answer
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Anurag Agrawal
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