Recurring fluctuations in business activity over the course of one year are known as
a. seasonal variations.
b. random fluctuations.
c. the trend.
d. the business cycle.
a. seasonal variations.
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If televisions are normal goods, a fall in income will
a. Increase the demand for cars b. Decrease the demand for cars c. Have no effect on the demand for cars d. None of the above
The opportunity cost of producing a good or service is the good or service that is foregone by choosing to produce another good with the same resources in a given period of time
a. True b. False Indicate whether the statement is true or false
A four-firm concentration ratio of 60 percent would indicate the likely presence of oligopoly
Indicate whether the statement is true or false
The willingness to pay of buyers' in a market:
A. explains why the demand curve is bowed-out. B. is represented by the supply curve. C. explains why the demand curve is bowed-in. D. is represented by the demand curve.