It is possible to have an absolute advantage in producing a good or service without having a comparative advantage

Average cost

a. is always larger than marginal cost. b. declines for some range of output, hits a minimum, and then increases. c. is always smaller than marginal cost. d. is total cost/price of the product.

Economists use the term "business cycle" to refer to

a. the growth of small businesses into major corporations. b. changes in products that occur from improved technology. c. fluctuations in the level of real output and employment. d. periods of increases and decreases in the rate of inflation.