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Q: according to the law of comparative advantage, a country should a)specialize and export goods with highest opportunity cost b)specialize and export goods with lowest production cost. c)specialize and
export goods with the lowest opportunity cost d)specialize and export goods with the lowest avarage cost
A: c)specialize and export goods with the lowest opportunity cost In economics, [ the law of comparative advantage refers to the ability of a person or a country to produce a particular good or service at a lower marginal and opportunity cost over another. Even if one country is more efficient in the production of all goods (absolute advantage in all goods) than the other, both countries will
still gain by trading with each other, as long as they have different relative efficiencies.[1][2][3] ]
Expert answered|yeshamay|Points 71|
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Asked 8/31/2012 10:16:45 AM
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