How does the standard theory of international trade differ from the Ri – InterviewSolution

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1.	How does the standard theory of international trade differ from the Ricardian model of trade?
Answer» st theory section of this course DEVELOPS models that provide different explanations or reasons why trade takes place between countries. The five basic reasons why trade may take place are summarized below. The PURPOSE of each MODEL is to establish a BASIS for trade and then to use that model to identify the expected effects of trade on prices, profits, incomes, and INDIVIDUAL welfare.

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