Question: (a) Briefly explain the different types of economic advantage for two countries, A and B, each able to produce two products, X and Y, and

(a) Briefly explain the different types of economic advantage for two countries, A and B, each able to produce two products, X and Y, and discuss the conditions for trade to be advantageous (assuming no transaction costs).
(b) How is it possible for an individual business firm to have a comparative advantage?

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