What is comparative advantage?

A. The gain from selling a product for more than it costs to produce that product.
B. The gain from consuming a product whose benefit is greater than its cost.
C. The ability to produce a good or service at a lower opportunity cost than other producers.
D. The ability to produce more of a good or service than competitors using the same amount of resources.
E. The ability to use all available resources to produce output.

Question

04-09-2019
Business

contestada

What is comparative advantage?

A. The gain from selling a product for more than it costs to produce that product.
B. The gain from consuming a product whose benefit is greater than its cost.
C. The ability to produce a good or service at a lower opportunity cost than other producers.
D. The ability to produce more of a good or service than competitors using the same amount of resources.
E. The ability to use all available resources to produce output.

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Answer: Option C

Explanation: In simple words, the ability of an organisation to carry out an economic activity more efficiently and at a lower opportunity cost than others is called its comparative advantage. Comparative advantage is seen as an indicator of labor efficiency or technological advancement.

For example - Countries like America and Germany are technologically advanced, therefore, the dominate the heavy machine manufacturing around the world.