Which of the following assumptions are of
absolute cost theory?
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The Absolute Advantage Theory theory assumed that only bilateral trade could take place between nations and only in two commodities that are to be exchanged. ... This theory also assumed that free trade exists between nations. It did not take into account the protectionist measures that are adopted by countries.
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Assumptions of the Absolute Advantage Theory
He implicitly assumed that any trade between the two countries considered would take place if each of the two countries had an absolutely lower cost in the production of one of the commodities.
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