When a country requires fewer resources to produce a product than other countries, it is said to have a(n): A) absolute advantage in the production of the product. B) comparative advantage in the production of the product. C) higher opportunity cost of producing the product. D) lower opportunity cost of producing the product.

Question

Quizplus · Accepted Answer

Absolute advantage refers to the ability of a country to produce a good using fewer resources than other countries.

When a Country Requires fewer Resources to Produce a Product