The Benefits of Trade by Elmer G. Wiens Benefits of Increasing World Trade? Many people are skeptical about the benefits of trade.
Limits to Specialization: Short RunDiminishing marginal returns to variable inputsFirms produce where marginal cost = price with mc increasing
U.S.A. Automobile Industry
Unexploited Economies of Scale: Monetary Costs
-Write a two page essay to hand in at your next
1. Efficiency gains to producers from exports.
2. Efficiency gains to consumers from imports.