All of the following statemens ate true EXCEPT

a$.$ peaks in the busaness cycle tend to occur when the capacify$-$fo$-$output a largest

b$.$ peaks in the business cyele tend to occur witen the capacity to output is smalieat.

c$.$ troughs occur when the capveity to output gap is the largest.

d$.$ two consecutive quartedy dectiryes in GDP are generally said to be a recession.

e$.$ expeheion periods in the business cyde reptesent an expersicn to the captacity of the output of products.