You are offered a free ticket to see the chicago cubs play the chicago white sox at wrigley field. assume the ticket has no resale value. willie nelson is performing on the same night, and his concert is your next-best alternative activity. tickets to see willie nelson cost $40. on any given day, you would be willing to pay up to $50 to see and hear willie nelson perform. assume there are no other costs of seeing either event. based on this information, at a minimum, how much would you have to value seeing the cubs play the white sox to accept the ticket and go to the game? a. $0 b. $40 c. $10 d. $50

The answer is D, $50. Willie Nelson rules!

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.