The weighted average cost of capital for a firm with debt is the:

discount rate that the firm should apply to all of the projects it undertakes.
rate of return a firm must earn on its existing assets to maintain the current value of its stock.
coupon rate the firm should expect to pay on its next bond issue.
minimum discount rate the firm should require on any new project.
rate of return shareholders should expect to earn on their investment in this firm.

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.