Suppose a small country has a comparative advantage in the production of consumer electronics, and it has one major electronics firm that produces far more consumer electronics than the population can consume. This country exports a large quantity of consumer electronics but also imports a large quantity. Which statement best explains why the country imports consumer electronics?
a. Imports create greater competition in the domestic marketplace.
b. Other countries may have trade barriers blocking imported consumer electronics.
c. This country has both an absolute and a comparative advantage in this industry.
d. The government allows its one consumer electronics firm to enjoy a regulated monopoly.
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