Assume that the formation of customs union turn out to include the lowest cost world producer of the product in question. Which effect would not…

Assume that the formation of customs union turn out to include the lowest cost world producer of the product in question. Which effect would not occur for the participating countries.

               a. Trade creation production effect.

               b. Trade creation consumption effect.

               c. Trade diversion.

               d. Scale economies and competition.

 

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