answered each question

1. What are the benefits of international free trade? Do all parties gain if there is free trade between countries? Use the trade between the US and Mexico to explain your answer.
2. Define the terms productive and allocative efficiency. Explain why monopolists are neither productively nor allocatively efficient and briefly describe what results from these circumstances.
3. What are Economies of Scale? Explain your answer.
4. In the long run, why do we expect that firms in perfect competition will earn zero economic profits?
5. Define protectionism as a policy and describe what a country stands to lose when it enacts such a policy.