Question

When one nation can produce a product at lower cost relative to another nation, it is said to have a(n)____________________in producing that product

Answer 1

Answer: Absolute advantage

Step-by-step explanation:

Absolute advantage is defined as when a producer can produce the same amount of goods with it's competitors at lower cost or in greater quantity for the same cost. This is obvious when the manufacturer at advantage has infrastructure or huge capital(human capital too) to compete with the competitors.