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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

If the price of, say, oranges has risen, does it follow that the price level has risen too? Explain your answer.

To determine

The change in price and price level.

Explanation

No. The price level includes the price of all goods and services in the market. An increase in the price of a good, for example oranges alone, will not lead to an increase in the price level...

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