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What are the two steps a producer can take to gain an absolute advantage?

1.Produce more goods.
2.Use high-quality resources.
3.Produce more expensive goods.
4.Use fewer resources.
5.Produce high-quality goods.
6.Use local resources.

Respuesta :

PBCHEM

Answer : Option 1) Produce more goods; and Option 4) Use fewer resources

Explanation : For any producer the steps for gaining absolute advantage will remain the same. The person can focus on more production of the goods of interest, by utilizing very few resources readily available at their end.

Tundexi

The steps that a producer can take to gain an absolute advantage includes:

  • Produce more goods
  • Use fewer resources

What is an absolute advantage?

It means a firm's ability to produce the same amount of units of a product as the other producer using quantity of resources.

A firm can focus on more production of the goods of interest, by utilizing very few resources readily available at their end.

Therefore, the Option 1 & 4 is correct.

Read more about absolute advantage

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