In which phase of the business cycle does a recession occur?

Refer to the graph below showing the market for a product. Which of the following would best explain why the shift in demand from D1 to D2 would cause price to rise from P1 to P2?

A. Because after the shift in the demand, there would be a surplus at price P2
B. Because after the shift in the demand, there would be a shortage at price P2
C. Because after the shift in the demand, there would be a shortage at price P1
D. Because after the shift in the demand, there would be a surplus at price P1

Exhibit 10-5 A perfectly competitive labor market   ? Quantity of Labor (thousands) Marginal Revenue Product Wage Rate 5 $25.00$  5.00  10 20.0010.00 1515.0015.00 2010.0020.00 255.0025.00? ?  In Exhibit 10-5, when the marginal revenue product is $20.00, firms should

A. continue hiring workers. B. stop hiring workers. C. start firing workers. D. pay a wage above $15.00 to its workers