If an individual is able to produce a good with a lower opportunity cost than someone else, then that individual has
A)avoided opportunity costs.
B)an interaction advantage.
C)the advantage of producing all goods.
D)removed scarcity.
E)a comparative advantage.

Question

Quizplus · Accepted Answer

The term "comparative advantage" specifically refers to the ability of an individual or nation to produce a good at a lower opportunity cost than someone else. This means that they can produce a particular good more efficiently than others, and therefore have a comparative advantage in that area. This concept is an important part of international trade and helps explain why countries specialize in certain industries and trade with each other.

If an Individual Is Able to Produce a Good with a Lower