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Suppose that capital is mobile between sectors but that there are two kinds of specific labor: skilled and unskilled. If skilled labor prefers autarky to free trade, what can you say about the number of skilled workers relative to the number of unskilled workers?
Techniques of Production
The methods and processes used in the transformation of inputs into outputs by firms in the production of goods and services.
Price of Output
The amount of money that a producer receives for selling one unit of a product or service in the market.
Price of Inputs
The cost of resources used in the production of goods and services, including materials, labor, and overheads.
Sunk Cost
Expenses that have already been incurred and cannot be recovered, and should not affect future economic decisions.
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