The following graph displays four demand curves (LL, MM, NN, and 00) that intersect at point A. 200 180 180 M 140 E 120 100 80 60 M 40 20 20 40 60 80 100 120 140 180 180 200 QUANTITY (Units) PRICE (Dollars per unit) B.

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Comparative Advantage and Absolute Advantage Analysis

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