Which of the following statements is incorrect regarding the stages of the business cycle?
A) The expansion phase is characterized by increasing economic activity and rising employment levels.
B) During the peak phase, economic activity reaches its highest point, signaling the end of the expansion phase.
C) Contraction phase is marked by decreasing economic activity, falling GDP, and rising unemployment rates.
D) Recovery phase follows the trough and represents the transition from recession to expansion, signifying the end of the contraction phase.