The Concept of Comparative Advantage in International Trade Is Based

question 4

Multiple Choice

The concept of comparative advantage in international trade is based on _ as opposed to absolute costs.

• A)total cost
• B)average cost
• C)relative prices
• D)absolute prices
• E)opportunity costs

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Definitions:

Transportation

The movement of goods or people from one location to another, facilitated by various modes such as road, rail, air, or sea.

Wholesale Price

The cost of goods sold in large quantities primarily to retailers or other merchants, rather than directly to consumers.

Laws of Nature

Fundamental principles or forces that govern the physical universe, including laws of physics, chemistry, and biology.

Juriscience

The scientific study of law and legal principles, often employing methods from various disciplines to understand legal systems.