In 1979, in the face of rising competition in the fast food hamburger market, McDonald's reduced the price of its cheeseburger to $0.43. If the CPI in 1979 was 37.2 and the CPI in 2005 was 100, what is the price of a 1979 cheeseburger in 2005 dollars?
A) $0.77
B) $7.36
C) $1.16
D) $0.43
E) $0.14
Correct Answer:
Verified
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