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Absolute advantage refers to being able to produce a product more efficiently than somebody else. Comparative advantage refers to being able to produce a product
Absolute advantage refers to being able to produce a product more efficiently than somebody else. Comparative advantage refers to being able to produce a product at a lower opportunity cost than somebody else. Trade is based on comparative advantage; absolute advantage is irrelevant. Provide an example of a product (good or service) in which you personally have an absolute advantage producing, but not a comparative advantage. Explain
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