Comparative advantage means
A)the ability to produce more of a product with the same amount of resources than any other producer.
B)the ability to produce a good or service at a lower opportunity cost than any other producer.
C)the ability to produce a good or service at a higher opportunity cost than any other producer.
D)compared to others you are better at producing a product.

Question

Quizplus · Accepted Answer

Comparative advantage refers to the ability of a country or individual to produce goods or services at a lower opportunity cost than others. In other words, if a country or individual can produce a good or service with fewer resources, or with lower costs than others, they have a comparative advantage in producing that good or service. Therefore, option B is the correct choice.

Comparative Advantage Means