In the 1970s and 1980s, the United States lost its comparative advantage in consumer electronics goods to Japan.What factor was most responsible for the development of Japan's comparative advantage in consumer electronics goods?

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Quizplus · Accepted Answer

Japanese firms excelled in process technology, which allowed them to produce high-quality consumer electronics goods at lower costs compared to their American counterparts. Additionally, Japanese firms benefited from external economies, such as a highly skilled workforce and government support. However, labor and natural resources availability did not play a significant role in Japan's comparative advantage in consumer electronics goods.

In the 1970s and 1980s, the United States Lost Its