Question

The law of comparative advantage states that a nation is better off when it produces goods and services for which it has the comparative advantage. How is a comparative advantage obtained?
A by increasing the amount of goods that are traded
B. by producing only products with a high demand value
c by limiting trade to nonrenewable products
D. by producing a product at lower cost

Answer 1

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by producing the product with a lower opportunity cost

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When a country has a comparative advantage in the production of a good, it means that it can produce this good at a lower opportunity cost than its trading partner. Then the country will specialize in the production of this good and trade it for other goods.

   

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 //)/    hope this helps -Tom   \(\\

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