The ________ Component of a Time Series Measures the Fluctuations

question 46

Multiple Choice

The ________ component of a time series measures the fluctuations in a time series due to economic conditions of prosperity and recession with a duration of approximately 2 years or longer.

• A) trend
• B) seasonal
• C) cyclical
• D) irregular

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Definitions:

Price Effect

The price effect describes how changes in price influence the quantity demanded or supplied in the market.

Oligopolist

A market participant in an oligopoly, a market dominated by a small number of firms.

Production Decision

The determination made by a firm regarding the quantity of goods or services to be produced, based on factors like cost of production, market demand, and competition.

Output Effect

The impact on the total production/output of a firm or economy as a result of changing price levels, often referring to the relationship between price changes and quantity supplied.