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The Assumptions 2. The Consumption-Indifference Map and the Trade-Indifference Map 3. The Free Trade Equilibrium with a Zero Balance of Trade 4. The Case of Constant Costs 5. The Case of Decreasing Costa 6. The Representation of Commercial Policy with a Zero Balance of Trade 7. A Balance of Trade Deficit and the Rate of Exchange in Conditions of Free Trade 8. The General Case 9. The Trade-Indifference Map and Economic Welfare
Shackle et al. (Tue,) studied this question.