7 Consider a country that imports a good from abroad. For each of the following statements, say...

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7 Consider a country that imports a good from abroad. For each of the 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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