Over the Last 45 Years,the Price Level Has

question 46

Multiple Choice

Over the last 45 years,the price level has

• A) been cut in half.
• B) remained constant.
• C) doubled.
• D) risen fivefold.
• E) risen and fallen frequently.

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Definitions:

Equilibrium Price

The cost at which the amount of a product wanted by buyers matches the amount provided by sellers, leading to equilibrium in the market.

Demand

The quantity of a good or service that consumers are willing and able to purchase at various prices during a given time period.

Dishwashers

Appliances designed for automatically cleaning dishes, cutlery, and other utensils, significantly reducing manual labor in kitchens.