Which Statement Is True

question 56

Multiple Choice

Which statement is true?

• A)The recessions of 1973-1975 and 1981-1982 were both mild.
• B)The recessions of 1973-1975 and 1981-1982 were both severe.
• C)The recession of 1973-1975 was mild; the recession of 1981-1982 was severe.
• D)The recession of 1973-1975 was severe; the recession of 1981-1982 was mild.

---

Definitions:

Excess Supply

A situation where the quantity of a good supplied is greater than the quantity demanded at the current price.

Good Y

A non-specific term used in economic models to represent a product or service, usually contrasted with another good, referred to as "Good X."

Fertilizer Prices

The cost for fertilizers, which are chemical or natural substances added to soil to improve its fertility and the growth of plants.

Supply Of

Refers to the total amount of a product or service that is available for purchase at any given price point in a given market.