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The percentage change in the overall level of prices in an economy is called a. contraction.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.9: Application 9: Easier To Obtain Loans And Higher Housing Prices

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The percentage change in the overall level of prices in an economy is called a. contraction.

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Step 1: Define overall price level in an economy:

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Step 3: Define the term contraction:

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