Comparative advantage measures a product's cost of production in monetary terms.

Name: Comparative advantage measures a product's cost of production in monetary terms.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Comparative advantage is not measured in monetary terms, but rather in terms of the opportunity cost of producing the product. It looks at which country or individual can produce a product at a lower opportunity cost (i.e. what they would have to give up producing instead of the product in question).

Comparative Advantage Measures a Product's Cost of Production in Monetary