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A monopolistically competitive industry exists in both Pugelovia and the rest of the world, but there has been no trade in this type of product.

A monopolistically competitive industry exists in both Pugelovia and the rest of the world, but there has been no trade in this type of product. Trade in this type of product is now opened.

a.Explain how opening trade affects domestic consumers of this type of product in Pugelovia.

b.Explain how opening trade affects domestic producers of this type of product in Pugelovia.

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