I think it’s D but I’m not sure
Answer:
Option "B" is the correct answer to the following statement.
Explanation:
The price elasticity of demand determines the flexibility of the volume needed to adjust the price.
The demand of an individual or market becomes inelastic if it will not adjust much to increasing prices, and it is elastic for an individual or market if the demand of a particular commodity will shift a lot as prices shift.
A. The Occupational Outlook Handbook
Answer:
Confront theories predictions with evidence
Explanation:
To test economic theories, economists would observe real behavior and test it with data from the real world. Which would in turn provide evidence based on what is being tested. Confronting theories predictions with evidence is a pointer to the fact that economic theories are verifiable and their validity can be tested.
Answer:
phases in the sequence of Recession, trough, expansion and Peak
Explanation:
we know that 4 phases of a business cycle are
peak and downturn (recession) and trough and upturn (expansion)
top of cycle is called peak
and boom is a very high peak
recession where conomic activity is falling from the peak
and when decline persist for more than 2 consecutive quarters that is recession
and The bottom of the recession is trough
so we know business cycle is a economic model that describe fluctuation in economic activity
and that includes production of goods and service and business cycle go through its phases in the sequence of Recession, trough, expansion and Peak
