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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Explain how absolute advantage and comparative advantage differ.

To determine

Comparison between absolute and comparative advantage.

Explanation

Absolute advantage is the ability to produce a good using fewer inputs than another producer; whereas, comparative advantage refers to the ability to produce a good at a lower opportunity cost than another producer. Comparative advantage is based on the relative opportunity costs of a person, firm or country and gain from trade is based on this concept...

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