What is meant by the term "comparative advantage"? How is it different from absolute advantage?
What will be an ideal response?
Comparative advantage is the ability of an individual, firm, or country to produce a certain good at a lower opportunity cost than other producers. Absolute advantage, on the other hand, is the ability of an individual, firm, or country to produce more of a certain good than other competing producers, given the same number of resources.
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In the private placement market the term "due diligence" means
A) an investor finding an honest agent from whom to buy a bond. B) a borrower finding an honest agent to sell its bonds. C) conducting a credit analysis of the borrower. D) an agent tailoring terms of the placement to meet investor needs.
The decline in wholesale and consumer prices in 1929–30 was not as large as had been the decline in 1920–21
Indicate whether the statement is true or false
What act of Congress declared restraint of trade illegal and declared any attempt at monopolizing unlawful?
a. Celler-Kefauver Act. b. Sherman Antitrust Act. c. Clayton Act. d. Robinson-Patman Act.
Identify some of the basic assumptions of monopoly