occurs when a country has a monopoly on producing a product or is able to produce it at a cost well below that of all other countries. Select one: a. Comparative advantage b. Absolute advantage c. Complete advantage d. Dumping advantage
Added by Dustin C.
Close
Step 1
Step 1: The question asks for the term that describes a country's ability to produce a product at a lower cost than other countries. Show more…
Show all steps
Your feedback will help us improve your experience
Jennifer Stoner and 80 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
When a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production is . a. Absolute advantage b. Comparative advantage c. Economic advantage
Jennifer S.
Gains from trade can only be achieved if: A. a country has an absolute productivity advantage. B. a country's economy is based on free enterprise principles. C. a country's economy is centrally controlled. D. a country has a comparative productivity advantage. E. None of the above.
Azat N.
When does country A have a comparative advantage over country B in the production of televisions? a. Country A has a lower opportunity cost for producing televisions. b. Country A can produce televisions more cheaply. c. Country B experiences decreasing marginal utility in its production of televisions. d. Country B charges higher prices for its televisions?
Prabhat T.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD