3. What is static efficiency? Illustrate your answer with the aid of a well-labelled diagram. What is the difference between static efficiency and dynamic/interțemporal efficiency? In your answer, make sure that you mention the condition that must be satisfied for static efficiency to be attained. Also, mention the condition that must be satisfied for dynamic/intertemporal efficiency to be attained. What is an open access resource? Give an example of an open access resource. Explain why open access often leads to inefficient allocations.

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.