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How do the theories of absolute advantage and comparative advantage differ? During which centuries were this...

How do the theories of absolute advantage and comparative advantage differ? During which centuries were this two theories developed and by whom?
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Answer #1

Absolute Advantage:

Absolute advantage is the ability of a country to produce a good or service at a lower per unit cost as compared to any other country that produces same good or service.

Comparative Advantage

A country has a comparative advantage in producing that good if the opportunity cost of producing that good is lower in that country as compared to another country.

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