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Which of the following terms defines a preference aggregation mechanism that satisfies the properties of dominance,transitivity,and independence of irrelevant alternatives?
Inflation Rate
The annual percentage increase in the general price level of goods and services, reflecting the rate at which the purchasing power of currency is eroded.
Market Basket
A fixed list of items, used to track the progress of inflation in an economy or to compare costs of living.
CPI
Refers to the Consumer Price Index, a metric that calculates the weighted average price of a selection of consumer items and services including food, medical care, and transportation.
Rate of Inflation
The inflation of general prices for goods and services in an economy over a particular period of time.
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