Answered: economics, a person who can produce a…

Survey of Economics (MindTap Course List)

9th Edition

ISBN:9781305260948

Author:Irvin B. Tucker

Publisher:Irvin B. Tucker

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 18SQ

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20)In economics, a person who can produce a good at a lower cost than another person is said to have ________________ in the production of that good. *

a)a consumer surplus advantage.

b)a comparative advantage.

c)production possibilities.

d)an absolute advantage.

Definition Video Definition Ability of a country to produce more output with a given level of input or to produce the same level of output with a lower level of input as compared to the other countries. For example, if Country A produces 200 units with the help of 10 units of labor, and Country B produces 300 units with 10 units of labor, Country A has an absolute advantage in the production of the good. Video

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