For two consecutive quarters in 2016, the gross domestic product of Hinseria, a country in West Africa, decreased. During these two quarters, the country's output shrank, and the general well-being of its citizens declined. This scenario is an example of _____.

A) deregulation
B) subsidization
C) a recession
D) a monopoly

Recession

A period of temporary economic decline during which trade and industrial activities are reduced, typically identified by a fall in GDP in two successive quarters.

Deregulation

The process of reducing or eliminating government rules controlling how businesses can operate, often to increase market competition.

Subsidization

The act of providing financial aid or support by a government or organization to lower the cost of producing goods or services.