Give a Brief Description of the Origin, Functions, and Successes

question 7

Essay

Give a brief description of the origin, functions, and successes of GATT from 1947 to 1979, before protectionist trends gained momentum across the world.

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Definitions:

Marginal Cost

The cost added by producing one additional unit of a product or service, a crucial concept in economic decision-making and pricing strategies.

Perfectly Competitive

A market structure where many firms offer a homogeneous product, there are no barriers to entry or exit, and all firms are price takers.

Oligopolistic

Oligopolistic refers to a market structure characterized by a small number of large firms dominating the market, leading to limited competition.

Marginal Cost

The extra expense derived from the production of an additional unit of a product or service.