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An economy in which output has decreased and prices have increased would suggest that there has been a:
Constant Returns To Scale
A situation in production where increasing the amount of inputs results in a proportionate increase in the output.
Poorer Grows Faster
An observation in economics that poorer economies tend to grow at a faster rate than richer economies due to the catch-up effect.
Standard Of Living
A level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.
Productivity
A measure of the efficiency of production, often quantified as the ratio of outputs to inputs in the production process.
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