4. In the case of a hypothetical country what does it mean when one says that it has both an ABSOLUTE advantage as well as a COMPARATIVE advantage in the production of a good or a service. Answer all parts of questions in a specific, precise, and exact manner using ECONOMICS terminology in your answers.
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Step 1: A country has an absolute advantage in the production of a good or service if it can produce more of that good or service than another country using the same amount of resources. Show more…
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