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Monica Jackeline
on Oct 12, 2024

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If the U.S.enjoys an absolute advantage in agriculture compared to every other country in the world,then

A) agricultural production will take place only in the U.S.
B) the U.S.necessarily has a comparative advantage in agriculture.
C) the U.S.may or may not have a comparative advantage in agriculture.
D) the U.S.necessarily does not have a comparative advantage in agriculture.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors.

Comparative Advantage

The ability of an individual, company, or country to produce a particular good or service at a lower opportunity cost than others.

Agriculture

The practice of cultivating the soil, growing crops, and raising livestock for food, fiber, and other products.

  • Highlight the distinctions between absolute and comparative advantage in the context of global market exchanges.
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Astou MagassoubaOct 17, 2024
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