Over the Course of World War II,inflation in the United

question 18

Multiple Choice

Over the course of World War II,inflation in the United States

• A) remained low before 1941.
• B) was much less serious a problem than it had been during World War I.
• C) was largely uncontrolled by the federal government.
• D) was at its highest in the last year of the war.
• E) was less a concern than fears of deflation.

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Definitions:

Monopoly

A market structure where a single firm controls the entire market for a particular good or service.

Demand Curves

Graphs that illustrate the relationship between the price of a good and the quantity of that good consumers are willing and able to purchase at different prices.

Monopolistically Competitive

A market structure where many firms sell products that are differentiated from one another but can act as substitutes, allowing for some control over pricing.

Shift To The Left

A term used in economics to describe a decrease in supply or demand, represented graphically by a leftward shift of the supply or demand curve.