Price Inflation Has Been Characteristic Of

question 115

Multiple Choice

Price inflation has been characteristic of:

• A) modern industrial society
• B) our post gold-standard period
• C) the history of prices since earliest recorded history
• D) only modern industrialized societies

---

Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the amount of it that consumers are willing to purchase at various prices.

Levied

Imposed, typically referring to taxes, duties, or charges officially imposed by a government authority.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to provide, holding other factors constant.

Demand Curve

A curve that illustrates the quantity of a product that consumers are willing and able to purchase at various prices, showing the inverse relationship between price and quantity demanded.