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Explain how absolute advantage and comparative advantage differ.
Principles of Macroeconomics (Mind...
Principles of Macroeconomics (Mind...
Explain how absolute advantage and comparative advantage differ.
Explanation of Solution
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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