Q: The comparative advantage theory (CAT) is a trade theory that describes the basis of two nations engaging in trade. Which one among the following statements regarding the theory is not correct?
(a)David Ricardo was the author of the CAT.
(b)The CAT is explained in the book titled On the Principles of Political Economy and Taxation that was first published in 1817.
(c)According to the CAT, the nation which does not have absolute advantage in any goods cannot benefit from trade.
(d)The two nations that engage in trade can gain from specializing in the commodity in which they have a comparative advantage.