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AP Microeconomics
Unit 1 – Basic Economic Concepts
Topic 1.4
Unit 1 – Basic Economic Concepts
1.4 Comparative Advantage and Trade
mixed difficulty
Comparative advantage is based on?
The ability to specialize in the production of goods and services.
The ability to produce more of a good or service with a given amount of resources than someone else.
The rate at which one good can be exchanged for another.
The ability to produce a good or service at a lower opportunity cost than competitors.
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AP Microeconomics - 1.4 Comparative Advantage and Trade
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Comparative Advantage
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