The counterpart to immobile factors on the supply side would be lack of substitution on the demand
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The difference from the standard diagram is that the indifference curves are right angles rather than smooth curves Here a terms of trade increase enables an economy to move to a higher indifference curve ...View the full answer
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Related Book For
International Economics Theory and Policy
ISBN: 978-0273754206
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
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