What is absolute advantage?

A. having a lower opportunity cost to produce goods than other firms or nations

B. having a lower cost of production than other firms or nations

C. having more available resources for producing a good than other nations

D. having fewer or no trade barriers for international trade than other nations

Question

Kieran Keller

History

20 May, 04:20

What is absolute advantage?

A. having a lower opportunity cost to produce goods than other firms or nations

B. having a lower cost of production than other firms or nations

C. having more available resources for producing a good than other nations

D. having fewer or no trade barriers for international trade than other nations

+5

Answers (2)

Know the Answer?

Katz · Answer 1

The answer would be C

Javon · Answer 2

C. having more available resources for producing a good than other nations

the principle of absoluteadvantage refers to the ability of a party (an individual, or firm, or country) to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.