If the Consumer Price Index Rises from 300 to 333

question 23

Multiple Choice

If the Consumer Price index rises from 300 to 333 in a particular year, the rate of inflation in that year is:

• A)11 percent.
• B)33 percent.
• C)91 percent.
• D)10 percent.

---

Definitions:

Societal Loss

Societal Loss pertains to the broader negative impacts or costs borne by society, which can stem from various actions or policies, such as environmental degradation or public health issues.

Demand Schedule

A grid outlining the quantities of an item or service that people are ready and able to buy across a range of prices.

Marginal Cost

The uptick in aggregate cost due to the output of an extra unit of a product or service.

Monopolist

An entity that is the sole provider of a particular product or service in a market, possessing significant market power and control over prices.