Trade and Variety

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What are the benefits of product variety and how does trade affect variety? This video takes a closer look at how trade leads to variety for the consumer and higher

What are the benefits of product variety and how does trade affect variety? This video takes a closer look at how trade leads to variety for the consumer and higher productivity for the producer, too. This video also explains why consumers and producers can't have exactly what they desire in a good by examining the trade-off between variety and average cost. You'll also learn how the market manages the trade-off between variety and average cost via theories of monopolistic competition.

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