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Use Figures 1 and 2 to work Problems. Figure 1 and Figure 2 show the markets for shoes if there is no trade between the United States and Brazil.
Figure 1 U.S. Shoe Market
Figure 2 Brazil’s Shoe Market
Which country has a comparative advantage in producing shoes? With international trade, explain which country would export shoes and how the price of shoes in the importing country and the quantity produced by the importing country would change. Explain which country gains from this trade.
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