Determining the standard fixed factory overhead cost applied to production for a period involves all the following essential elements except: Multiple Choice The total budgeted fixed overhead cost for the period. An assumed output level, as reflected by the quantity of the cost driver for applying the fixed overhead (i. e., the denominator activity level for the period). The actual amount of fixed overhead cost incurred during the period. A cost driver (or drivers) for applying the fixed overhead. The standard fixed overhead application rate.

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.