Question: Time left 0 : 0 3 : 5 5 1 9 The producer that requires a smaller quantity of inputs to produce a certain amount

Time left 0:03:55
19
The producer that requires a smaller quantity of inputs to produce a certain amount of a good, relative to the quantities of inputs required by other producers to produce the same amount of that good,
a. has a comparative advantage in the production of that good.
b. has a low opportunity cost of producing that good, relative to the opportunity costs of other producers.
c. has an absolute advantage in the production of that good.
d. should be the only producer of that good.
Time left 0 : 0 3 : 5 5 1 9 The producer that

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!