Asked by

Allie Benham
on Nov 17, 2024

verifed

Verified

When there are two people and each is capable of producing two goods, it is possible for one person to have a comparative advantage over the other in both goods.

Comparative Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.

Two Goods

A scenario in economics discussing the trade-off or choice between two different products or commodities.

  • Show proficiency in absolute and comparative advantage in the realm of both domestic and international trade.
verifed

Verified Answer

MB
Maria BezlepkinaNov 23, 2024
Final Answer:
Get Full Answer