For any pair of countries, there is
◦ a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage.
◦ one single exchange rate that will lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country.
◦ a range of exchange rates that can lead indirectly to one country realizing the gains from specialization and comparative advantage, but not the other country.
◦ one single exchange rate that will lead automatically to both countries realizing the gains from specialization and comparative advantage.