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Arada [10]
2 years ago
15

Suppose that Italy and Sweden both produce rye and cheese. Italy's opportunity cost of producing a pound of cheese is 5 bushels

of rye while Sweden's opportunity cost of producing a pound of cheese is 10 bushels of rye. By comparing the opportunity cost of producing cheese in the two countries, you can tell that
Business
1 answer:
mars1129 [50]2 years ago
6 0

Answer:

Italy has a comparative advantage in the production of cheese

Explanation:

Suppose that Italy and Sweden both produce rye and cheese.

Italy's opportunity cost of producing a pound of cheese is 5 bushels of rye while Sweden's opportunity cost of producing a pound of cheese is 10 bushels of rye.

<u>By comparing the opportunity cost of producing cheese in the two countries, you can tell that Italy has a comparative advantage in the production of cheese because it has a lower opportunity cost (as a matter of fact half the cost) in comparison with Sweden.</u>

<u>Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners</u>

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