A person that has the _____ opportunity cost of producing a particular good is said to have _____.

Question

Quizplus · Accepted Answer

A person with the lowest opportunity cost of producing a particular good has a comparative advantage in the production of that good. This means that they can produce the good at a lower opportunity cost compared to someone else. The concept of comparative advantage is important in international trade and allows countries to specialize in producing goods in which they have a lower opportunity cost, leading to overall gains in efficiency and output.

A Person That Has the _____ Opportunity Cost of Producing