The law of comparative advantage implies that a nation, individual, or region should produce those economic goods for which it
A) has an absolute advantage.
B) is a low opportunity cost producer.
C) is a high opportunity cost producer.
D) pays the highest wage rate.

Question

Quizplus · Accepted Answer

The law of comparative advantage suggests that entities should specialize in producing goods for which they have the lowest opportunity cost, allowing for more efficient allocation of resources and increased overall economic welfare.

The Law of Comparative Advantage Implies That a Nation, Individual