14. If the demand curve for a product is vertical, we say that demand is

a. perfectly elastic

b. imperfectly elastic

c. perfectly inelastic

d. imperfectly inelastic

15. Economists refer to the ability to produce a good/service at a lower opportunity cost than another entity as possessing the

a. Comparative Advantage

b. Competitive Advantage

c. Absolute Advantage

d. Technological Advantage