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What is the difference between Comparative Advantage and Absolute Advantage?
Difference between Comparative Advantage and Absolute Advantage:
Comparative advantage: it is the opportunity cost of producing the good is lower for which individual than for other people.
Absolute advantage: When he or she can do this better than other people.
Attentive: Don’t confuse about comparative advantage along with absolute advantage!
In general, who will benefit as the result of a tariff? Domestic Producers Domestic Consumers The domestic government a. I only b. II only c. both I and III d.
ABSOLUTE ADVANTAGE
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