ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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What is the relationship between production costs and comparative advantage?
Comparative advantage considers, "How much am I giving up to produce this good in
this country?"
Comparative advantage happens when the production costs for both trading partners
are the same.
Incorrect.
Learning Objective: Show the relationship between production costs and
comparative advantage
Comparative advantage identifies the good for which the producer's absolute
advantage is relatively smaller.
Comparative advantage identifies where the producer's absolute productivity
disadvantage is relatively larger.
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Transcribed Image Text:What is the relationship between production costs and comparative advantage? Comparative advantage considers, "How much am I giving up to produce this good in this country?" Comparative advantage happens when the production costs for both trading partners are the same. Incorrect. Learning Objective: Show the relationship between production costs and comparative advantage Comparative advantage identifies the good for which the producer's absolute advantage is relatively smaller. Comparative advantage identifies where the producer's absolute productivity disadvantage is relatively larger.
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