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Patrick lives near two gas stations,Exxon and Shell.If Exxon decreases the price of gas,we predict that the quantity of gasoline demanded at Shell will
Inflation Rate
The percentage rate at which the general level of prices for goods and services is rising annually.
CPI
Tracking the average evolution in pricing for a collection of goods and services purchased by people in urban areas, the Consumer Price Index serves as an indicator of these changes over time.
Consumer Price Index
The Consumer Price Index measures the average change over time in the prices paid by consumers for a basket of goods and services.
Base Year
Base year is a specific year against which economic growth or other market indices are measured, serving as a standard or reference point for economic analysis.
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