Explain one benefit of international trade for UK consumers.

The key benefit for UK consumers will come in the form of lower prices and hence they will receive a welfare gain through the increase in consumer surplus. International trade increases the size of the market and this can be represented by an increase in supply as there are now more sellers. The increase in supply, while holding demand constant, will result in an increase in quantity sold and a reduction in per unit prices.

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Answered by Martin S. Economics tutor

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