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11 Dec 2019
If a country has a comparative advantage in the production of a good:
a. it can produce that good at a lower opportunity cost.
b. it will not find trade beneficial because other countries won't have a comparative advantage in other goods.
c. it must also have an absolute advantage in the good.
If a country has a comparative advantage in the production of a good:
a. it can produce that good at a lower opportunity cost.
b. it will not find trade beneficial because other countries won't have a comparative advantage in other goods.
c. it must also have an absolute advantage in the good.
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Irving HeathcoteLv2
13 May 2020