what name is given to whatever must be given up to obtain something that is desired?\ncomparative…

what name is given to whatever must be given up to obtain something that is desired?\ncomparative advantage\nintra - industry trade\nsplitting up the value chain\nopportunity cost\nquestion 27\n2 pts\nused to be called an absolute advantage, which is the law that nations can conduct trade when their cost and price structures differ?\ncomparative advantage\nrelative advantage\nmarket advantage

what name is given to whatever must be given up to obtain something that is desired?\ncomparative advantage\nintra - industry trade\nsplitting up the value chain\nopportunity cost\nquestion 27\n2 pts\nused to be called an absolute advantage, which is the law that nations can conduct trade when their cost and price structures differ?\ncomparative advantage\nrelative advantage\nmarket advantage

Answer

Brief Explanations:

  1. Opportunity cost is defined as what must be given up to obtain something desired. It represents the value of the next - best alternative forgone.
  2. The law that allows nations to conduct trade when their cost and price structures differ is comparative advantage. Absolute advantage is about a country being able to produce a good more efficiently in terms of input quantity, while comparative advantage focuses on the lower opportunity cost of production.

Answer:

  1. D. Opportunity cost
  2. A. comparative advantage