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Describe how price level evolves over time
Using the time series we can study how price level evolves over time. If all prices rose by 2% during one month, price level would rise by exactly 2%. If one of the prices rose by 2% when other prices remained unchanged, price level would rise though by much less than 2%. Exactly how much it would rise would rely on the weight of changed price.
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What do you presume had happened to get the U.S. corporations and workers to take their eyes off of their own economic interest? It seems the "carrot" of cheaper prices were dangle
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