Deflation is a:
A. steady, unchanging aggregate price level.
B. sustained fall in the aggregate price level.
C. steady fall in the exchange rate.
D. sustained increase in the aggregate price level.
Answer: B
Economics
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A firm will shut down in the short run if at the profit-maximizing quantity, ___________
A. total revenue is less than total cost B. marginal revenue is less than average fixed cost C. average total cost exceeds the market price D. marginal revenue is less than average variable cost
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Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
Economics