Stock analysts have recently stated in a meeting on Wall Street that over the past 50 years there have been periods of high market prices followed by periods of lower prices but over time prices have moved upwards. Given their statement, stock prices most likely exhibit only trend and cyclical components.

Question

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The statement implies that stock prices exhibit not only trend (long-term direction) and cyclical components (fluctuations due to economic cycles) but also potentially other components such as seasonal (regular fluctuations within a year) and irregular (unpredictable, random fluctuations) components, as the overall movement is not solely upward and involves fluctuations.

Stock Analysts Have Recently Stated in a Meeting on Wall