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AAEC 2305 Fundamentals of Ag Economics - page 14 / 27

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(continued)

However, if we compare U.S. production and trade with the ROW for several important agricultural commodities we find this is not the case.

Since the U.S. is a small country for most agricultural commodities, for the remainder of this discussion we will make the small-country assumption (unless otherwise stated), which is that shifts in domestic demand or supply and trade policy changes do not change world price.

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