International trade can have big effects on domestic markets. For both an import good and an export good (in other words, address each bulleted item below twice?once for import and once for
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International trade can have big effects on domestic markets. For both an import good and an export good (in other words, address each bulleted item below twice—once for import and once for export), describe how opening up to international trade affects the following:
- supply or demand for the particular good,
- the competitiveness of that good’s market, and
- how the change in competitiveness affects equilibrium price and quantity.
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