If gas prices today were $4.00 per gallon, in terms of history this would be
A) an all-time high in inflation-adjusted terms, but not nominal terms.
B) an all-time high in nominal terms and inflation-adjusted terms.
C) not an all-time high, but rather high in inflation-adjusted terms.
D) about the long-term historical average in inflation-adjusted terms.
Correct Answer:
Verified
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A)perfect competitor.
B)natural
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