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:

Regular Buyers

Consumers who frequently purchase goods or services from the same company or brand, showing loyalty or preference.

Demand Curve

A graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period.

Elastic

A term used in economics to describe a situation where the quantity demanded or supplied of a good or service is highly responsive to changes in its price.

Substitutes

Goods or services that can replace each other in use, where an increase in the price of one leads to an increase in demand for the other.