Determine if higher opportunity costs equal a greater comparative advantage
- Opportunity cost refers to the alternative forgone. It can also be called TRUE COST or REAL COST.
- The cost and benefits of wants should be weighed against each other before making a choice.
- Comparative advantage refers to the ability of a country to produce a particular products at a lower opportunity cost compared to other countries.
- Comparative advantage gives the country the ability to sell goods and services at a lower price than other countries.
Therefore,
It is false that higher opportunity costs equal a greater comparative advantage.
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