Use the two figures below for HOME and FOREIGN. Describe what happens when we shift from Autarchy
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Question:
Use the two figures below for HOME and FOREIGN.Describe what happens when we shift from Autarchy to Free Trade.Describe what happens to output (Q) and consumption (C) in each country.Also, describe the impact on Producer Surplus, Consumer Surplus, and net Social Surplus (Hint:use the labeled areas to identify CS, PS, and SS
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