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1. Describe the sources of gains from trade for the consumer in the monopolistic competition model with differentiated products. Hint: there are two mechanisms at

1. Describe the sources of gains from trade for the consumer in the monopolistic competition model with differentiated products. Hint: there are two mechanisms at work. (3 points each). 2. Describe the gravity equation (for international trade, not physics) in detail and provide the formula (4 points)

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