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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Articles of Confederation. The Articles of Confederation and Perpetual Union was the first constitution of the United States. It was drafted by the Second Continental Congress from mid-1776 through late 1777, and ratification by all 13 states was completed by early 1781.
Because Europe recolonized Africa for more expansion.
Answer:
Their ability to ride horses well and their ability to wage war.
Explanation:
Answer:
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Explanation:
