Answered: If John can produce a good in less time…

If John can produce a good in less time than Fred then he has an absolute advantage in producing that good. Group of answer choices True False

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Consumer Choice: Maximizing Utility And Behavioral Economics

Section: Chapter Questions

Problem 4QP

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Question

If John can produce a good in less time than Fred then he has an absolute advantage in producing that good.

Group of answer choices

True

False

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

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