Europe's jumbo-jet manufacturer, Airbus, has justified receiving governmental subsidies on the grounds that the subsidies prevent...
Europe's jumbo-jet manufacturer, Airbus, has justified receiving governmental subsidies on the grounds that the subsidies prevent the United States from becoming a monopoly in the jumbo-jet market. Does this mean that Europe has a comparative advantage in jet manufacturing? Why or why not?
Homework Answers
Europe's Airbus needs government subsidies to prevent US from becoming monopoly. In the absence of the subsidies, the US would have either cost advantage or production advantage that will help it to dominate the market. Therefore, Europe will lose the market. It is clear that US have absolute advantage for producing jets. However, we do not have enough information to conclude certainly if US have comparative advantage as well. It might happen that the US could use its resources to produce some other good and exchange jets with Europe at a lower cost. Thus, Europe may or may not have comparative advantage.
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