__________________ for a country occurs when it has a monopoly on producing a product or is able to produce it at a cost below that of all other countries.
A)Comparative advantage
B)Absolute advantage
C)Complete advantage
D)Dumping advantage

Question

Quizplus · Accepted Answer

Absolute advantage refers to a country's ability to produce a product at a lower cost than any other country. This can give the country a monopoly on the production of that product, providing an advantage in terms of trade and economic growth. Comparative advantage refers to a country's ability to produce a certain good or service at a lower opportunity cost than other countries. Complete advantage and dumping advantage are not recognized terms in economics.

__________________ for a Country Occurs When It Has a Monopoly