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Asked by cmusteen
Suppose that before trade opens up, Brazil is at a point on its...
Suppose that before trade opens up, Brazil is at a point on its production possibility curve (PPC) where it produces 20 apples and 20 cars. Once trade opens up, the price of a car becomes two apples. In response, Brazil moves along its PPC to a new point where it is producing 30 cars and 10 apples. Is Brazil now better off? Explain.
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Answered by tutorboyle
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