An increase in the average level of prices of goods and services is known as:
A) Price elevation.
B) Deflation.
C) Inflation.
D) The law of demanD.

Question

Quizplus · Accepted Answer

Inflation refers to a general increase in the prices of goods and services over time, resulting in a decrease in the purchasing power of money. Price elevation is not a commonly used term, and deflation refers to a general decrease in prices. The law of demand is a basic economic principle that describes how consumers react to changes in the price of a good or service.

An Increase in the Average Level of Prices of Goods