________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors.
A)Absolute advantage
B)Specialization
C)Autarky
D)Comparative advantage

Question

Quizplus · Accepted Answer

Comparative advantage is the ability to produce a good or service at a lower opportunity cost than competitors. It is different from absolute advantage, which simply means being able to produce more of a good or service than competitors, and specialization, which refers to focusing on a narrow range of products or services. Autarky, on the other hand, refers to a situation where a country is self-sufficient and does not engage in trade with other countries.

________ Is the Ability of an Individual, a Firm, or a Country