The person who can produce a product using the fewest inputs has _____ in that product.
A)a comparative advantage
B)an absolute advantage
C)market power
D)maximum profit

Question

Quizplus · Accepted Answer

An absolute advantage refers to the ability of a producer to produce a certain product using the fewest inputs compared to other producers. This means that they can produce the most output per unit of input, leading to lower production costs and potentially higher profits. Therefore, the person who can produce a product using the fewest inputs has an absolute advantage in that product.

The Person Who Can Produce a Product Using the Fewest