Explain the GDP gap. A business cycle is a. the period of time in which expansion and contraction of economic activity are equal. b. the period of time in which there are three phases: peak,...

Explain the GDP gap.

A business cycle is

a. the period of time in which expansion and

contraction of economic activity are equal.

b. the period of time in which there are three phases:

peak, depression, and expansion.

c. the recurring growth and decline in real GDP.

d. the period of time in which a business is established and ceases operations.