Which of the following is NOT a feature of the expansion phase of a business cycle?

1. Expansion is marked by rising output, demand, sales, profits, confidence, investment and bank credit. 2. Rising aggregate demand, rising confidence/profits, and expanding investment/credit are all listed expansion features. 3. Shutting down production facilities is a depression feature, where firms cannot sustain output. 4. So the item that does NOT belong to expansion is the shutdown of facilities. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 5 "Business Cycles", p.2_