Which of the following definitions or statements is not correct?
a. The entire business cycle can be measured from one peak to the next peak.
b. Oddly enough, if you consider the entire business cycle, they all have the same duration.
c. The entire business cycle can be measured from one trough to the next trough.
d. An expansion occurs when broad-based economic activity improves significantly and lasts for more than a few months.
e. A recession occurs when there is a significant contraction in economic activity that is spread broadly across the economy and lasts for more than a few months.
.B
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Describe an asset price bubble and give examples. Explain why it is extremely difficult if not impossible for the Federal Reserve to prevent such bubbles.
What will be an ideal response?
The existence of a monopoly:
A. creates market inefficiencies. B. causes a reduction in total surplus. C. causes consumers to get less at a higher price. D. All of these statements are true.