Study the associated figure. Adjusted for​ inflation, during which years during the period shown did the lowest gasoline prices​ occur?   Group of answer choices Gas was cheapest in 1998 - ​1999 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period. Gas was cheapest in 1950 - ​1952 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period. Gas was cheapest in 1950 - ​1952 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period. Gas was cheapest in 1998 - ​1999 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period. Gas was cheapest in 1980 - ​1982 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period. Gas was cheapest in 1980 - 1982 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter22: Inflation
Section: Chapter Questions
Problem 34P: The total price of purchasing a basket of goods in the United Kingdom over four years is: year...
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Study the associated figure. Adjusted for​ inflation, during which years during the period shown did the lowest gasoline prices​ occur?

 

Group of answer choices

Gas was cheapest in 1998 - ​1999 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period.

Gas was cheapest in 1950 - ​1952 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period.

Gas was cheapest in 1950 - ​1952 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.

Gas was cheapest in 1998 - ​1999 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.

Gas was cheapest in 1980 - ​1982 because the graph shows that the price of a gallon of gas in 2016 dollars was at its lowest in that time period.

Gas was cheapest in 1980 - 1982 because the graph shows that the actual price of a gallon of gas was at its lowest in that time period.

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