In the above diagram for the Ricardian Model, if Pc/PF > a*Lc/a*Lw then - Home will specialize in wine. Home will produce both goods. Foreign will produce both goods.

In the above diagram for the Ricardian Model, if Pc/PF > aLc/aLw then - Home will specialize in wine. Home will produce both goods. Foreign will produce both goods.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Pls select the correct option and explain it..

Relative price
of cheese, PP
RS
RD
RD
a Liae
Laiw
Relative quantity
of cheese.
In the above diagram for the Ricardian Model, if Pc/PF > a*Lc/a*Lw then -
Home will specialize in wine.
X O Home will produce both goods.
Foreign will produce both goods.
There will be no supply of cheese.
There will be no supply of wine.

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