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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
ISBN: 9781305585126
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...

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