The idea behind comparative advantage reflects the possibility that one party: O may be able to produce something at a lower dollar cost than another party. O may be able to produce everything relatively more efficiently than another party. O with an absolute advantage in producing two different goods a country may export both of those goods to the other country. may be able to produce something at a lower opportunity cost than another party.
The idea behind comparative advantage reflects the possibility that one party: O may be able to produce something at a lower dollar cost than another party. O may be able to produce everything relatively more efficiently than another party. O with an absolute advantage in producing two different goods a country may export both of those goods to the other country. may be able to produce something at a lower opportunity cost than another party.
Chapter19: International Trade
Section: Chapter Questions
Problem 1.2P
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14
![Question 14
The idea behind comparative advantage reflects the possibility that one party:
O may be able to produce something at a lower dollar cost than another party.
O may be able to produce everything relatively more efficiently than another party.
O with an absolute advantage in producing two different goods a country may export both of those goods to the other country.
may be able to produce something at a lower opportunity cost than another party.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F43abeaa6-de7e-428d-bdab-0aaab73f28e4%2F4cc2eb68-6e33-4cbf-85f0-db3e6d3b5539%2Fkw35naj_processed.png&w=3840&q=75)
Transcribed Image Text:Question 14
The idea behind comparative advantage reflects the possibility that one party:
O may be able to produce something at a lower dollar cost than another party.
O may be able to produce everything relatively more efficiently than another party.
O with an absolute advantage in producing two different goods a country may export both of those goods to the other country.
may be able to produce something at a lower opportunity cost than another party.
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