If two persons are trading in two different categories, he would get best output from one and a little less from the other, this process is known as: a. Comparative advantage b. Gains from trade c. Specialization d. Comparative disadvantage
If two persons are trading in two different categories, he would get best output from one and a little less from the other, this process is known as: a. Comparative advantage b. Gains from trade c. Specialization d. Comparative disadvantage
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter3: Interdependence And The Gains From Trade
Section: Chapter Questions
Problem 5QR
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22. If two persons are trading in two different categories, he would get best output from one and a little less from the other, this process is known as:
a.
b.
c.
Specialization
d.
Comparative disadvantage
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