Mill s theory of reciprocal demand is based on one of the assumptions that

The commodities are produced under the law of constant returns

There is less than full employment

There are transport costs involved

Mill s theory of reciprocal demand indicates a

Country s demand for one commodity in terms of the quantities of the other country it is prepared to give up in exchange

Country s supply of a commodity in terms of the quantities of the other country it is prepared to give up in exchange

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