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What economic theory accounts for changes in the patterns of trade over time? A. First-mover advantage...

What economic theory accounts for changes in the patterns of trade over time?

A. First-mover advantage theory

B. Strategic trade policy

C. Product life cycle theory

D. Strategic trade theory

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Answer #1

Answer: c. Product life cycle theory

The product life-cycle theory shows that the product is produced initially at the country where it is invented. When the product get adopted, is produced all over the world and during its maturity stage, the product will be imported by the country where it was invented. During the product decline stage, most of the countries will stop producing the product. In this case very few countries will continue to produce the product.

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