QUESTION IMAGE
Question
question 3
what best describes comparative advantage in economic terms?
when a country can produce a good at a lower cost in terms of other goods
larger quantity of production per capita
faster production turnaround times
superior product quality compared to international standards
Brief Explanations
Comparative - advantage is about lower opportunity - cost. It means a country can produce a good at a lower cost in terms of other goods forgone.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
when a country can produce a good at a lower cost in terms of other goods