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Home has a comparative advantage in wheat, and Foreign has a comparative advantage in cloth. Once trade occurs, Home produces 1,000 bushels of wheat, and Foreign produces 1,000 yards of cloth. The following table shows the amount of wheat that Home is willing to supply and Foreign is willing to buy at various international prices. What is the international price of wheat?
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Restatement of Contracts
A comprehensive compilation of legal principles regarding contract law intended to clarify, modernize, and illustrate current legal practices.
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The absence of any response or acknowledgment, which in some legal contexts can signify agreement or acquiescence.
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A legal term referring to the requirement that an agreement or contract must have a lawful purpose to be enforceable.
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