Which of the following does NOT describe the comparative advantage? Select one: a. Economic agents does not specialize in producing a good in which they have the comparative advantage b. Comparative advantage refers to a producer's ability to produce a good at a lower opportunity cost than other producers c. Comparative advantage refers to a producer's ability to give up less to produce the good compared to other producers Od. Economic agent with less flat (more steep) production possibilities frontier has comparative advantage in the good on the y-axis e. Economic agent with more flat production possibilities frontier has comparative advantage in the good on the x-axis
Which of the following does NOT describe the comparative advantage? Select one: a. Economic agents does not specialize in producing a good in which they have the comparative advantage b. Comparative advantage refers to a producer's ability to produce a good at a lower opportunity cost than other producers c. Comparative advantage refers to a producer's ability to give up less to produce the good compared to other producers Od. Economic agent with less flat (more steep) production possibilities frontier has comparative advantage in the good on the y-axis e. Economic agent with more flat production possibilities frontier has comparative advantage in the good on the x-axis
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter2: Some Tools Of The Economist
Section: Chapter Questions
Problem 7CQ
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