A change in the average price level is called _____, while a change in the price...
A change in the average price level is called _____, while a change in the price of a specific good in comparison with other goods and services is called _______. Select one: a. a quality adjustment; a substitution bias b. a change in a relative price; inflation c. inflation; a change in a relative price d. a price level adjustment; a quality adjustment.
Homework Answers
c. inflation; a change in a relative price (is answer)
because inflation is defined as the change in the consumer or wholesale price index which measures the changes in the average price level while relative term itself defines the comparison of one good to other goods
the above is answer..
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A change in the average price level is called _____, while a
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