The period of time in which the level of output moves from a trough to a peak is called a
A) contraction or recession. B) recovery or expansion.
C) plateau. D) depression.
B
Economics
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When the price of a normal good rises, the income effect results in ________ in the quantity demanded and the substitution effect results in ________ in the quantity demanded
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
Economics
When some people do not act rationally, others can profit from that irrationality.
Answer the following statement true (T) or false (F)
Economics