Trade takes place because of
...Trade takes place because of
Marginal utility
Inefficiency in production
Opportunity cost
Comparative advantage
Correct answer is D
A person has a comparative advantage at producing something if he can produce it at lower cost than anyone else. People engage in trade so as to exchange these goods that are produced or services rendered at a cheaper cost between one another.
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Production possibilities(alternatives) P Q R S T Units of shelter 5 4 3 2 0 Units of food 0 5 9 1...