Economics Today: The Micro View (18th Edition)
Economics Today: The Micro View (18th Edition)
18th Edition
ISBN: 9780133885071
Author: Roger LeRoy Miller
Publisher: PEARSON
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Chapter 2, Problem 15P
To determine

Content introduction:

Absolute advantage

Absolute advantage is an international trade theory which measures the ability of a country, individual, or corporates to produce more of a good at a lower price than its competitors can produce.

Comparative advantage: It refers to the production of a good or service for a lower opportunity cost than other countries.

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