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Comparative advantage can also change over time, which is why the composition of a country's trade could change over time.
The free trade versus trade restrictions both are in Rodamia is an ongoing one. Though there is agreement on the fact that in terms of overall welfare, free trade is better than imposing trade restrictions, there are situations in which trade restrictions are preferred...
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Though there is agreement on the fact that in terms of overall welfare, free trade is better than imposing trade restrictions, there are situations in which trade restrictions are preferred. Protecting a developing domestic industry from competition from abroad or preventing dumping are two such situations...
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