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What are the four major phases of the business cycle

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What are the four major phases of the business cycle? How long do business cycles last? Why does the business cycle affect output and employment in durable goods industries more severely than in industries producing non-durables? on the other hand, The long-run trend in real GDP is upward. How is this possible given business cycles? What explains the upward trend? with references if possible please

Reference no: EM131991790

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