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Author Question: An increase in the price of inputs will cause the supply curve for a product to shift to the right. ... (Read 87 times)

Awilson837

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on: Jun 29, 2018
An increase in the price of inputs will cause the supply curve for a product to shift to the right.
 
  Indicate whether the statement is true or false

Question 2

Explain whether it is possible for a country to have an absolute advantage in the production of a product without having a comparative advantage in the production of that product.
 
  What will be an ideal response?
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Missbam101

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Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

A country can have an absolute advantage without having a comparative advantage in the production of a product, because having an absolute advantage means a country can produce more of the product than another country while using the same amount of resources, and having a comparative advantage means that the country can produce the product at a lower opportunity cost than another country. Having a comparative advantage is not required to have an absolute advantage.


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