Arthur Burns and Wesley Mitchell First Described Business Cycles as ________

question 76

Multiple Choice

Arthur Burns and Wesley Mitchell first described business cycles as ________.

• A)fluctuations in consumer preferences
• B)fluctuations in the price of bicycles
• C)fluctuations in aggregate economic activity
• D)all of the above
• E)none of the above

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Definitions:

Price War

Successive price cutting by competitors to increase or maintain their unit sales or market share.

Market Share

The proportion of total sales in a market captured by a particular brand, product, or company, usually expressed as a percentage of total sales in the industry.

Promotional Allowances

Cash payments or an extra amount of “free goods” awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product.

Product-line Pricing

A pricing strategy where different products in the same product line are priced differently, often based on features, materials, or product versions.