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Consider the following International Trade scenario: World price of wheat =$5.01/bushel Equilibrium price of wheat in Canada is $4.97/bushel 1.Who has the Comparative Advantage here,

Consider the following International Trade scenario:

World price of wheat =$5.01/bushel

Equilibrium price of wheat in Canada is $4.97/bushel

1.Who has the Comparative Advantage here, and why?

2.Explain how these prices will affect Canadian consumers and International Trade.

3.Explain what will happen to the domestic Canadian producer of wheat.

4.Who wins from this International Trade scenario?

5.Who loses from this International Trade scenario?

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