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ECON1: Comparative and Absolute Advantage Review Questions

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Under what conditions is the production possibilities frontier linear rather than bowed out?
Under what conditions is the production possibilities frontier linear rather than bowed out?
The production possibilities frontier is linear when the producer can switch producing products at a constant rate. A bowed out graph occurs when the rate at which the good is traded depends on the amount of the good being produced.
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ECON1: Comparative and Absolute Advantage

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Definitions and explanations of the Microeconomic terms of Comparative and Absolute Advantage. Also touches on the importance of Specialization and how Free Trade can benefit both buyer and seller in a Market Economy.

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