Comparative advantage means :_________ A. the ability to produce a good or service at a lower opportunity cost than any other producer. B. compared to others you are better at producing a product. C. the ability to produce a good or service at a higher opportunity cost than any other producer. D. the ability to produce more of a product with the same amount of resources than any other producer.

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25-07-2022
Business

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Comparative advantage means :_________ A. the ability to produce a good or service at a lower opportunity cost than any other producer. B. compared to others you are better at producing a product. C. the ability to produce a good or service at a higher opportunity cost than any other producer. D. the ability to produce more of a product with the same amount of resources than any other producer.

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shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-08-08T09:43:33+02:00

The ability to create a good or service at a lower opportunity cost than any other producer is known as a comparative advantage. So, the response is OPTION 'A'.

Comparative advantage is the capacity of an economy to produce a particular good or service at a lower opportunity cost than its trading rivals.

When evaluating multiple production options, opportunity cost is a new factor to take into account when applying the concept of comparative advantage.

The principle of comparative advantage states that countries will trade with one another and export goods in which they are more competitively positioned.

The natural resources and labor force of a nation may be misused if only its comparative advantages are taken into account.

A nation's unquestionable capacity to produce a specific good more successfully is referred to as absolute advantage.

Hence, OPTION 'A' is the correct answer

Learn more about opportunity cost:

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