Imagine scale economies were not only external to firms, but were also external to individual countries
That is, the larger the worldwide industry (regardless of where firms or plants are located), the cheaper would be the per-unit cost of production. Describe what world trade would look like in this case.
Presumably each country would specialize in some component of the final product. This would result in in a high volume of intra-industry trade.
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Which of the following best describes a good with perfectly elastic supply?
A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.
In 2012, the House of Representatives voted to have what type of audit of the Fed?
A) auditing of financial statements B) auditing lending policy that took place during the financial crisis of 2007-2009 C) auditing of monetary policy decisions D) auditing of personal finances of members of the Board of Governors