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When one nation can produce at a lower cost relative?Comparative advantage occurs when a country can produce something with lower opportunity costs than other nations. Lower costs would be an example of absolute advantage. To be successful countries make decisions based on comparative advantage, not absolute advantage. 4.
When a country can produce a product at a lower cost than any other nation?Comparative advantage is where one nation can produce a good at a lower opportunity cost than another.
What term is used to describe when one nation can produce a product at lower cost relative to another nation?Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners. Comparative advantage is used to explain why companies, countries, or individuals can benefit from trade.
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When one nation can produce a product at lower cost relative to another nation it is said to have quizlet?
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