Complete Milton Friedman's Famous Statement,"Inflation Is Always and Everywhere a ________

question 16

Multiple Choice

Complete Milton Friedman's famous statement,"Inflation is always and everywhere a ________ phenomenon."

• A)recessionary
• B)discretionary
• C)repressionary
• D)monetary

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit of output.

Average Variable Cost Curve

A graphical representation that shows how the average variable cost of production varies with the level of output.

Long-run Average Total Cost

This refers to the per unit cost of production when all inputs can be adjusted, conceived for analyzing the scale of production without the constraint of fixed capital.

Per Unit Costs

The average cost for each unit produced, calculated by dividing the total costs of production by the number of units produced.