Consider a country that imports a good from abroad. For each of following statements, say whether it
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Consider a country that imports a good from abroad. For each of following statements, say whether it is true or false. Explain your answer.
a. “The greater the elasticity of demand, the greater the gains from trade.”
b. “If demand is perfectly inelastic, there are no gains from trade.”
c. “If demand is perfectly inelastic, consumers do not benefit from trade.”
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