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What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? for JAMB 2025 is part of JAMB preparation. The Question and answers have been prepared according to the JAMB exam syllabus. Information about What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for JAMB 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer?.

Solutions for What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for JAMB. Download more important topics, notes, lectures and mock test series for JAMB Exam by signing up for free.

Here you can find the meaning of What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice What is the difference between absolute advantage and comparative advantage?a)Absolute advantage refers to the ability to produce more with the same resources, while comparative advantage refers to the ability to produce at a lower opportunity cost.b)Absolute advantage refers to the ability to produce at a lower opportunity cost, while comparative advantage refers to the ability to produce more with the same resources.c)Absolute advantage and comparative advantage are the same concept.d)Absolute advantage and comparative advantage are unrelated to international trade.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice JAMB tests.