Consider a hypothetical market for milk. The market is perfectly competitive. A equal, what happens to the market equilibrium price and quantity of milk if two events occur?: technology used in milk production improves, while at the same the price of a complementary good declines. price rises and quantity is uncertain price is uncertain and quantity rises price is uncertain and quantity falls price falls and quantity is uncertain

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.