Question: What is the difference between absolute advantage and comparative advantage? Part 2 advantage is the ability of an individual, a firm, or a country to
What is the difference between absolute advantage and comparative advantage?
Part
advantage is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors. While
advantage is the ability of an individual, a firm, or a country to produce more of a good or service than competitors when using the same amount of resources.
Part
A country will always be an exporter of a good where it has
a competitive
a comparative
an absolute
advantage in production.
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