The law of comparative advantage states that _____.
A) individuals, companies, and countries should be self-sufficient by domestically producing all the goods they require
B) producers should produce the goods they are least efficient at producing to allow scope for improvement
C) when introducing products to international markets, firms must decide whether the product should be modified to meet the needs of the local culture
D) producers should produce the goods they are most efficient at producing and purchase from others the goods they are less efficient at producing
E) to protect their own domestic industries, countries impose tariffs through taxes or fees on imported goods
Correct Answer:
Verified
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