Q. An individual has a comparative advantage in the production of a particular good if she can produce it at a lower opportunity cost than other individuals. An individual has an absolute advantage in the production of a good if she can produce more of that good than another individual, using comparable amounts of time, raw materials and effort.
Seller Cost
Abby $1,500
Bobby $1,200
Carlos $1,000
Dianne $750
Evalina $500
Suppose each of the five sellers can supply at most one unit of the good. Elucidate the price when market quantity supplied is exactly 3?