Question

When one nation can produce a product at lower cost relative to another nation, it is said to have a(n) __________________ in producing that product. Group of answer choices

Answer 1

absolute advantage

Step-by-step explanation:

In such a scenario the nation is said to have an absolute advantage in producing that product. Like mentioned, this term refers to the ability of a nation to be able to produce a greater quantity of a good, product, or service than its competitors at a lower cost. This allows the nation to profit massively as well as having more opportunities.