In December 2024
Answer to Question #182843 in Microeconomics for Laurene Tientcheu
If according to the HO model country 1 is advised to specialize and export Capital-intensive products and country 2 is advised to specialize and export labor-intensive products, then what can you say about the existing wages in both countries right now?
In country 1, the wage rate will be very cheap because it is readily available since it's not being used while in country 2 which is labor-intensive, the wage rate is very expensive since it's in high demand by the industries.
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