What is the stage in a business cycle called when real GDP stops falling?
(A) A peak
(B) A contraction
(C) A trough
(D) An expansion
Ans: (C) A trough
Economics
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A surplus means a(n):
a. excess demand for this product. b. situation where the current market price is too low. c. situation where the quantity demanded exceeds the quantity supplied. d. situation where the quantity supplied is less than the quantity demanded. e. excess supply of the product at the current price.
Economics
"The slope of the demand curve gives the elasticity of demand." Do you agree or disagree? Why?
What will be an ideal response?
Economics