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 ________.
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

Question

Quizplus · Accepted Answer

These are the definitions of "inflation" and "changes in relative prices."

A Change in the Average Price Level Is Called ________