An economy that has the lowest cost for producing a particular good is said to have a(n):

A) technological advantage.
B) comparative advantage.
C) convex news production possibilities curve.
D) all of the above are correct and

Ans: B) comparative advantage.

Economics

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A period during which GDP exceeds its potential level is best known as a(n)

a. expansion b. contraction c. boom d. recession e. depression

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Producing where MR = MC guarantees that the firm earns a profit

Indicate whether the statement is true or false

Economics