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A country that has an absolute advantage in a good: a
A country that has an absolute advantage in a good:
a. Should restrict imports of that good,
b. Can produce the good at a lower opportunity cost than its trading partner,
c. Should specialize in the production of that good,
d. Can produce the good using fewer resources than its trading partner.
Expert Solution
The correct option is d. Can produce the good using fewer resources than its trading partner.
Explanation:
Absolute advantage refers to the advantage that describes the economies of scale of an organization or a country. A firm or country holds an absolute advantage in the products that it can produce with relatively minimum cost and resources than the other firms or countries in the market.
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