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Statistics for Business and Economics13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams 1,692 solutions Suppose the world consists of two countries—the United States and Mexico. Furthermore, suppose there are only two goods—food and clothing. Which of the following statements is true? A) If the United States has an absolute advantage in the production of food, then Mexico must have an absolute advantage in the production of clothing. B) If the United States has a comparative advantage in the production of food, then Mexico must have a comparative advantage in the production of clothing. C) If the United States has a comparative advantage in the production of food, it must also have a comparative advantage in the production of clothing. D) If the United States has a comparative advantage in the production of food, Mexico might also have a comparative advantage in the production of food. E) None of the above is true. Recommended textbook solutions
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When a country has a comparative advantage in the production of a good it means quizlet?Terms in this set (15) What do economists mean when they say a country has a comparative advantage in the production of a particular good? That the country can produce the good at a lower opportunity cost than other countries.
Who has the comparative advantage in the production of good a quizlet?A producer has a comparative advantage in the production of a good if that producer can produce the good using fewer inputs than other producers. When one producer has an absolute advantage in the production of every good, that producer cannot gain from trade with other producers.
What does it mean to have a comparative advantage in production?A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. Having a comparative advantage is not the same as being the best at something.
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When a country has a comparative advantage in the production of a good quizlet?
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