Using the graph below, identify the different stages of the business cycle. Assume that A, B, and C represent consecutive years. a. A time period when the economy is growing toward full employment is known as . It is depicted in the graph as . b. A time period characterized by full or near-full employment is known as . It is depicted in the graph as . c. A time period with two consecutive quarters of declining output is known as . It is depicted in the graph as. d. A time period when employment and real output are at their lowest levels is known as . It is depicted in the graph as.