The idea of comparative advantage implies that people or countries

Question

Quizplus · Accepted Answer

The idea of comparative advantage states that people or countries can benefit from specialization in the production of goods in which they have a lower opportunity cost, which allows them to produce more efficiently. By trading with other countries, each country can consume at a point outside their production possibilities frontier, resulting in gains from trade. Therefore, all of the above options are correct.

The Idea of Comparative Advantage Implies That People or Countries