In a business cycle, a period from peak to trough may be referred to as ________

When prices and unemployment rise, such an event is sometimes called

a) expansion. b) stagflation. c) inflation. d) depreciation.

A perfectly competitive firm's short-run supply curve is

A) its marginal cost curve above the shutdown point. B) its average total cost curve above the minimum of the average variable cost. C) its average variable cost curve above the breakeven point. D) horizontal at the market price.