The phrase "demand has increased" means that
A) a demand curve has shifted to the right.
B) there has been a downward movement along a demand curve.
C) a demand curve has shifted to the left.
D) there has been an upward movement along a demand curve.
A
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If consumers buy a large number of plug-in electric cars, the equilibrium price of electricity will ________ and the equilibrium quantity of electricity will ________
A) rise; decrease B) not change; increase C) fall; increase D) fall; decrease E) rise; increase
Answer the following questions:
a. What is meant by the term "business cycle"? b. What economic indicators would indicate where the economy is in the business cycle? Explain. c. Give the four phases of the business cycle in their order of occurrence. d. What criterion must be met for our economy to be officially in a recession?