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What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
What is the ability of an entity to produce a good at an opportunity cost that is lower than that of another producer?
Comparative advantage :)
How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
Which describes comparative advantage?
Existence of lower opportunity cost then competitors
What is the ability to produce a good or service at a lower opportunity cost than other producers incur is known as?
Comparative Advantage.
Define opportunity cost and explain its relationship to comparative advantage?
Opportunity costs is the highest valued alternative that must be given up to engage in an activity. Comparative advantage is the ability of an individual, a firm, or an country to produce a good or service at a lower opportunity cost than competitors.
What Comparative advantage?
A country has comparative advantage if it can produce a good for less cost than any other nation. (study island)A comparative advantage is the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else.
What is one country of comparative advantage in the production of a certain good?
It has a lower opportunity cost for production of that good.
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
How can one determine their comparative advantage in a competitive market?
To determine their comparative advantage in a competitive market, an individual or business should assess their strengths and weaknesses in producing goods or services compared to others. This involves identifying what they can produce more efficiently or at a lower opportunity cost than their competitors. By focusing on their comparative advantage, they can specialize in producing what they are best at and trade with others to maximize overall efficiency and profitability.
Does a country have a comparative advantage in the production of some good?
Yes, a country has a comparative advantage in the production of a good when it can produce that good at a lower opportunity cost compared to other countries.
In which country does a comparative advantage in the production of a good exist if it can?
A comparative advantage in the production of a good exists in a country when it can produce that good at a lower opportunity cost compared to other countries.
What is the Difference between competitive and comparative advantage?
Competitive advantage: ability to produce a unit for strictly less cost than someone else. Comparative advantage: ability produce a unit for less opportunity cost than someone else.
