The comparative and
Concept Introduction:
Opportunity Cost: It is the next best option available to a person. Opportunity cost refers to the benefits which are given up in the process of obtaining current result.
Comparative Advantage: In a trade, a country has
Absolute Advantage: It is the capacity of a nation, firm or individual to produce output at very low cost per unit in comparison to other entity that produces same output.
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Chapter 2 Solutions
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