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Mazyrski [523]
3 years ago
7

Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patter

ns, absolute advantage or comparative advantage? Why?
Business
1 answer:
amm18123 years ago
8 0

Answers and explanation:

A) There's an absolute advantage when a nation can manufacture a product at a higher quality and faster pace than another. Comparative advantage is based on the opportunity cost of choosing an alternative option, which is the gain one forfeits. If one nation has a lower opportunity cost to manufacture a good than another it has a comparative advantage.

B) <em>Trade patterns can be easier identified using an absolute advantage</em> since it implies analyzing the worldwide market and determining what products are produced by different countries and at what speed regarding the demand of the product by other nations.

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Answer:

The correct answer is (C) Reported as a current asset.

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8 0
3 years ago
PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST)
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6 0
3 years ago
The Phelps Company's common stock is currently trading for $25.50 per share. The stock is expected to pay a $2.80 dividend at th
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3 0
2 years ago
Suppose the price of crude oil drops from 150$ a barrel to 120$a barrel. The quantity bought remains unchanged at 100 barrels. T
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Answer:

coefficient = 0

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We have the formula to calculate the price elasticity of demand as following:

<em>Elasticity coefficient = % Change in quantity/ % Change in price</em>

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=> <em>Elasticity coefficient = % Change in quantity/ % Change in price</em>

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<em />

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