The term inflation is used to describe a(n):
a. rise in the value of money

b. decline in nominal income.
c. sustained increase in the price level.
d. general reduction in prices.
e. economic problem faced only by the elderly population.

c

Economics

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The price in a contestable market is similar to that in a perfectly competitive market because

A) there are barriers to entry. B) there are no barriers to entry. C) there are many firms in the market. D) the firm can earn an economic profit in the long run.

Economics

It is easier for a monopolist to price discriminate between groups for a service than for a good because

A) it is easier to calculate average willingness to pay for services. B) it is easier to distinguish between groups of customers for services than customers for goods. C) it is easier for consumers to resell goods than resell services. D) customers for goods usually do not differ with respect to their average willingness to pay.

Economics