Question

What is the difference between absolute advantage and comparative advantage?(1 point) Responses Absolute advantage is how much of a product can be made; comparative advantage is how much of a product can be made at a lower cost. Absolute advantage is how much of a product can be made; comparative advantage is how much of a product can be made at a lower cost. Comparative advantage is how much a product sells for; absolute advantage is where the product is traded. Comparative advantage is how much a product sells for; absolute advantage is where the product is traded. Absolute advantage is how much a product sells for; comparative advantage is where the product is traded. Absolute advantage is how much a product sells for; comparative advantage is where the product is traded. Comparative advantage is how much of a product can be made; absolute advantage is how much of a product can be made at a lower cost. Comparative advantage is how much of a product can be made; absolute advantage is how much of a product can be made at a lower cost.

Answer 1

The correct answer is: Absolute advantage is how much of a product can be made; comparative advantage is how much of a product can be made at a lower cost.