It Is Not Possible to Have an Absolute Advantage in Producing

question 166

True/False

It is not possible to have an absolute advantage in producing a good or service without having a comparative advantage.

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Definitions:

Comparative Advantage

The capability of a nation or person to generate a specific product or service with a lesser opportunity cost compared to others.

Trade Benefit

The advantage gained by countries, companies, or individuals from engaging in international trade, including increased economic output, efficiency, and consumer choice.

Soybeans

A type of edible legume that is widely cultivated for its nutrient-rich seeds and oil.

Alfalfa

A perennial flowering plant widely cultivated as fodder for livestock due to its high protein content and essential nutrients.