If a firm produces a given amount of output using the least amount of inputs, it definitely achieves economic efficiency

The labor market is an example of a

a. government market b. classified market c. communication market d. resource market e. product market

The highest and lowest levels of economic activity during the business cycle are called

a. peaks and troughs. b. expansions and contractions. c. nadirs and zeniths. d. leading and lagging indicators.