The correct answer would be option B, Having a lower cost of production than other firms or nations.
Absolute advantage is having a lower cost of production than other firms or nations.
Explanation:
When a firm or nation can produce a product or service with less resources, or at lower cost, than other firms or nations, then this advantage is said to be the Absolute advantage.
When a firm or nation is able to produce a product or service cheaply than other firm or nation, this is called as Absolute Advantage.
We can take an example to understand the concept of Absolute Advantage. India has cheap workforce than Philippines, so India has an absolute advantage over Philippines in the Call Center Sector because India can hire workforce at a cheaper rate which can do the same task as that of the workforce in Philippines.
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tailor. ... Similarly, when you tailor something to the needs of others, you are adjusting what you do to best suit them rather than taking a general approach. The word tailor comes from the Latin taliare, meaning "to cut." A tailor is someone who cuts and adjusts your clothing to better fit.
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Answer: The unobservable market force that helps the demand and supply of goods in a free market to reach equilibrium automatically is the invisible hand. ... He assumed that an economy can work well in a free market scenario where everyone will work for his/her own interest.
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Tt had replaced its governor, Sam Houston, who had refused to take an oath of allegiance to the Confederacy.
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