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AAEC 2305 Fundamentals of Ag Economics - page 12 / 27

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Small-Country Assumption

For almost all commodities, the volume in the world market (total world production) is much larger than the production or consumption of any one country.

Therefore, the trade of any single country has little effect on the world price.

A country that cannot change world prices by altering its exports or imports is called a small country.

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