Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is not correct? a. The producer who requires a smaller quantity of inputs to produce a good is said to have

Which of the following is not correct?

a. The producer who requires a smaller quantity of inputs to produce a good is said to have an absolute advantage in producing that good.
b. The gains from specialization and trade are based not on comparative advantage but on absolute advantage.
c. The producer who gives up less of other goods to produce Good X has the smaller opportunity cost of producing Good X.
d. The producer who has the smaller opportunity cost of producing a good is said to have a comparative advantage in producing that good.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Innovation In Public Transport Finance

Authors: Shishir Mathur

1st Edition

1138250139, 978-1138250130

More Books

Students also viewed these Finance questions

Question

1. What are the pros and cons of diversity for an organisation?

Answered: 1 week ago

Question

1. Explain the concept of diversity and equality in the workplace.

Answered: 1 week ago