Absolute advantage occurs when one producer has greater productivity compared to another producing the same product.

Name: Absolute advantage occurs when one producer has greater productivity compared to another producing the same product.
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Question

Quizplus · Accepted Answer

Absolute advantage refers to the ability of one producer to produce a greater quantity of a good or service with the same amount of resources than another producer. This can be due to greater productivity or efficiency in production.

Absolute Advantage Occurs When One Producer Has Greater Productivity Compared