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Because you fed your dog table scraps while sitting at the kitchen table, your dog began to jump up and beg for scraps first whenever you were sitting at the kitchen table and later whenever you were sitting at any table or desk in the house. If you do not feed your dog while sitting at any other table besides the kitchen table, the jumping and begging response that originally generalized to all the tables and desks will extinguish because of
Price Level
A measure of the average prices of goods and services in an economy at a specific time, often used to assess inflation.
Equilibrium World Price
The price at which the global supply of a good matches the global demand for that good.
Diagram
A simplified drawing or chart used to visually represent information or a system in a clear and concise manner.
Price Level
The mean of current prices for all goods and services produced within the economy.
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