Question

if you can complete a task at a lower opportunity cost than anyone else, then you group of answer choices produce the good using fewer inputs than anyone else. produce the good using more inputs than anyone else. have an absolute advantage in that task. have a comparative advantage in that task.

Answer 1

A country has a comparative advantage in the production of a good if it can produce that good at a lower opportunity cost than other countries.

Step-by-step explanation:

A country has a comparative advantage in the production of a good if it can produce that good at a lower opportunity cost than other countries. This means that if you can complete a task at a lower opportunity cost than anyone else, then your group would have a comparative advantage in that task. Comparative advantage is about focusing on producing goods for which you have the lowest opportunity cost and trading them with others to maximize overall production and consumption.

Answer 2

Having the ability to complete a task at a lower opportunity cost means you have a comparative advantage, not an absolute advantage.

Step-by-step explanation:

If you can complete a task at a lower opportunity cost than anyone else, this means you have a comparative advantage in that task. Opportunity cost is the cost of the next best alternative that is given up when making a decision to produce a particular good or service. A person or an economy that can produce a good at a lower opportunity cost than others will gain from specializing in producing that good and then trading for goods produced by others. In contrast, having an absolute advantage means being able to produce more of a good using the same amount of resources as others, or the same amount with fewer inputs.