When a country can produce and sell a product at a lower cost than any other country or when it is the only country that can provide a product, this is referred to as which of the following?
A) relative advantage
B) partial advantage
C) absolute advantage
D) comparative advantage

Question

Quizplus · Accepted Answer

Absolute advantage refers to a situation where a country can produce and sell a product at a lower cost than any other country, regardless of the resources and capabilities of other countries. This means that a country has an inherent advantage in producing a certain product, even if it does not have any other advantages in terms of resources, labor, or technology.

When a Country Can Produce and Sell a Product at a Lower