In January of 1997,the U

question 41

Multiple Choice

In January of 1997,the U.S.Consumer Price Index (CPI) stood at 159.1.By January of 2011,the level had risen to 220.2.What was the average annual rate of inflation over this time period as measured by the CPI?

• A)2.35%
• B)3.31%
• C)2.97%
• D)2.60%

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Definitions:

Joint Profits

Profits that are shared among two or more businesses, typically resulting from a partnership or joint venture.

Duopolists

Two firms that dominate a market or industry, competing directly with each other.

Collude

To secretly agree with others, typically competitors, to cooperate for an illegal or deceitful purpose, such as fixing prices.

Cheating

Dishonest behavior or attempting to gain an unfair advantage in a competitive situation.