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questions to explain Show in a graph and explain the impact on welfare in a specic market if a country opens its borders to trade.

questions to explain

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Show in a graph and explain the impact on welfare in a specic market if a country opens its borders to trade. Assume that initially the market is in equilibrium and that the world price is less than the domestic price of the good traded in this market. Identify changes to consumer surplus, producer surplus, and total surplus. (10 points)

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