Who stated explicitly for the first time the Law of Comparative Costs ........

Economics- Phase (I & II) Determination of output and employment

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Who stated explicitly for the first time, the Law of Comparative Costs?

David Ricardo

Adam Smith

James Mill

Thomas Mun

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Explanation:

David Ricardo stated explicitly for the first time, the Law of Comparative Costs. Absolute advantage refers to the uncontested superiority of a country to produce a particular good better. Comparative advantage introduces opportunity cost as a factor for analysis in choosing between different options for production