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1 . Explain how the theory of absolute advantage conflicts with the theory of mercantilism. 2 . Explain the theory of comparative advantage using an

1 .

Explain how the theory of absolute advantage conflicts with the theory of mercantilism.

2 .

Explain the theory of comparative advantage using an example, and describe five

(5)

assumptions.

3 .

Explain how the international product life cycle theory ultimately results in lower priced goods.

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