As Measured by Amount of Time Spent in Recession, the Ups

question 51

Multiple Choice

As measured by amount of time spent in recession, the ups and downs of the U.S. economy were

• A) less frequent during 1983-2015.
• B) less frequent during 1960-1982.
• C) less frequent during 1910-1959.
• D) more frequent during 1983-2015.

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Definitions:

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of the price level.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, clearing the market.

Coefficient

A numerical or constant factor in a mathematical expression that multiplies the variable it is associated with.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.