Question

According to the concept of comparative advantage, a good should be produced in that nation where?

Answer 1

According to the concept of comparative advantage, a good should be produced in that nation where its domestic opportunity cost is the least.

This is further explained below.

What does the opportunity cost?

Generally, Opportunity cost, in microeconomics, refers to the value or advantage foregone by doing one action over another.

To put it another way: if you do one thing, you can't do anything other.

In conclusion, Opportunity cost, in microeconomics, refers to the value or advantage foregone by doing one action over another.

To put it another way: if you do one thing, you can't do anything other.

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complete question

According to the concept of comparative advantage, a good should be produced in that nation where:

A) its domestic opportunity cost is greatest.

B) money is used as a medium of exchange.

C) its domestic opportunity cost is least.

D) the terms of trade are maximized.