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Elodia [21]
3 years ago
11

If Iowa’s opportunity cost of corn is lower than Oklahoma’s opportunity cost of corn, then a. Iowa has a comparative advantage i

n the production of corn. b. Iowa has an absolute advantage in the production of corn. c. Iowa should import corn from Oklahoma. d. Oklahoma should produce just enough corn to satisfy its own residents’ demands.
Social Studies
2 answers:
Rudiy273 years ago
5 0

Answer: Iowa has a comparative advantage in the production of corn

Explanation: Comparative advantage is defined as the ability to produce a particular good at a lower relative oppurtunity cost than another producer.

An example can be gotten from oil-producing nations. They have a comparative advantage in chemicals. Their locally-produced oil provides a cheap source of material for the chemicals when compared to countries without it.

Marina86 [1]3 years ago
3 0

Answer: Option A

Explanation:

Iowa has an advantage in the production of corn as its citizens chose as their is opportunity to buy corn in Iowa compares to Oklahoma

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Based on the definition of specialization and comparative advantage, what area in the world could be said to have a comparative
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<h3>Who has the comparative advantage in the production?</h3>

If someone can create something for less money than anyone else, they have a comparative advantage. Comparative advantage is different from superiority in a given field.

The ability of an economy to produce a specific good or service at a lower opportunity cost than its trading counterparts is known as comparative advantage. Comparative advantage is a theory that explains why businesses, nations, or people might gain from trade.

Recall that the potential cost of creating commodities was used to define comparative advantage. Saudi Arabia has a comparative edge in oil production because it makes the fewest sacrifices per barrel of oil. Saudi Arabia has a distinct advantage in the oil industry since it can create it in just one hour.

Learn more about comparative advantage from

brainly.com/question/7045530
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6 0
1 year ago
What are factors of production?
IgorLugansk [536]

c

sorry if im wrong :c

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