Explain and compare the concepts of comparative and absolute advantage

Asked by admin @ in History viewed by 264 People

What is the difference between comparative advantage and absolute advantage?

A. Comparative advantage measures opportunity cost and absolute advantage measures efficiency.B. Absolute advantage measures opportunity cost and comparative advantage measures production cost.C.Comparative advantage measures sale price and absolute advantage measures production cost.D. Absolute advantage measures sale price and absolute advantage measures production cost.answer is A

Answered by admin @


The correct answer is A) Comparative advantage measures opportunity cost and absolute advantage measures efficiency.

Comparative and absolute advantage are terms that refer to international trade and the way resources are employed in the production of goods. The difference between these concepts is that comparative advantage consifers the opportunity costs involved in the production and the absolute advantage considers only the higher quality with the faster rate.


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