A business cycle is the period of time in which, Microeconomics

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A business cycle is the period of time in which

A business cycle is the period of time in which ?

1. The price level varies with real GDP.

2. A business is established and ceases operations.

3. Expansion and contraction of economic activity are equal.

4. There are four phases: peak, recession, trough and recovery.

5. None of these are true.

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