When two countries specialize in producing the goods for which they have a comparative advantage and?

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06-09-2022
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When two countries specialize in producing the goods for which they have a comparative advantage and?

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Gayatriajiidn Gayatriajiidn · Answer 1 · 2022-09-09T06:46:38-04:00

It can be mutually advantageous for two nations to specialize in goods for which they have a relative advantage and then trade with one another. Absolute advantage is the basis of the potential gains from specialization and trade.

What does it mean for a producer to have comparative benefit?

Comparative advantage is a requirement of a producer where it is better suited for the production of one good than another good. Good A can be made more efficiently than good B, for example. This comparison is done in terms of the option costs of each good, not in terms of pure production costs.

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What does it mean for a producer to have comparative benefit?

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