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New trade theory argues that, through its impact on economies of scale, trade can Multiple Choice...

New trade theory argues that, through its impact on economies of scale, trade can

Multiple Choice

  • increase the variety of goods available to consumers.

  • increase the average costs of goods.

  • enable the global market to support a wide range of enterprises.

  • prevent diminishing of returns and promote constant returns to specialization.

  • negatively affect the first-mover advantage for all products

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Answer #1

  • increase the variety of goods available to consumers.

Explanation: According to the new trade theory, trade leads to greater specialization and this leads to a large variety of goods for consumption as well as a decreased average cost due to economies of scale. Economies of scale is the cost advantage that acrues to firms due to producing at a larger quantity.

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