The diagram below shows the fluctuations in actual real national income around its trend path over a business cycle.
Which point represents the economy producing exactly at its trend (normal capacity) level of output?
Point P
Point Q
Point R
Point S
The diagram below shows the fluctuations in actual real national income around its trend path over a business cycle.
Which point represents the economy producing exactly at its trend (normal capacity) level of output?
Point P
Point Q
Point R
Point S