An absolute advantage occurs when a country can maintain _____.

A) a monopoly by outlawing foreign imports
B) a monopoly by levying high taxes on imports
C) a monopoly by being the lowest-cost producer of a good or service
D) its advantage by producing a good or service more efficiently

Absolute Advantage

A condition in which a country, individual, or company can produce a specific good at a lower cost in terms of labor and resources than competitors.

Lowest-Cost Producer

A company that has a competitive advantage by producing goods or services at the lowest possible cost compared to competitors.