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Refer to the following figure to answer the following questions.
Figure 7.1: U.S. Unemployment Rate: 1975-2015 (Source: U.S. Bureau of Labor Statistics)
-Using Figure 7.1, Which of the following year(s) are the approximate trough of a recession?
Product Price
The financial cost of obtaining a product or service.
Marginal Revenue Product
The supplementary income realized by the application of one more unit of a resource, like labor or capital.
Labor
The engagement of human physical strength and intellectual power in producing goods and offering services.
Additional Revenue
The increase in total revenue that results from selling an additional unit of a product or service.
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