(03.07 lc)\nwhich statement defines comparative advantage?\n○ when one country must pay more than other…

(03.07 lc)\nwhich statement defines comparative advantage?\n○ when one country must pay more than other countries to trade for a product\n○ when one country must buy resources from another country to make a product\n○ when one country can produce a greater amount of a good than another country can\n○ when one country can produce a good for a lower opportunity cost than another country can

(03.07 lc)\nwhich statement defines comparative advantage?\n○ when one country must pay more than other countries to trade for a product\n○ when one country must buy resources from another country to make a product\n○ when one country can produce a greater amount of a good than another country can\n○ when one country can produce a good for a lower opportunity cost than another country can

Answer

Brief Explanations:

Comparative advantage is an economic concept. It refers to the ability of a country to produce a good or service at a lower opportunity - cost than another country. The first option is about trade cost, the second is about resource procurement, and the third is about absolute advantage. Only the fourth option correctly defines comparative advantage.

Answer:

When one country can produce a good for a lower opportunity cost than another country can