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The _____ theory began to emerge in the 1970s when some economists pointed out the ability of firms to attain economies of scale might have important implications for international trade.

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Answer:

The New Trade Theory

Explanation:

The new trade theory says that the consumers always desires comparable products at a lower cost and this is the reason why people buy less costly foreign products even though the comparable product is being produced in thier home country which is bit costly than the foreign products. This theory talked about the lowering of the prices of the product in the international market and all this is possible if the firm is capable of attaining economies of scale.

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