If a consumer buys less gasoline because gas prices increased by 10% even though

ID: 1191304 • Letter: I

Question

If a consumer buys less gasoline because gas prices increased by 10% even though all other prices have also increased by 10% then A. The consumer has been fooled by money illusion
B. Inflation is not a problem in the economy C. Wages and prices are too flexible D. The consumer is paying to close attention to changes in relative prices If a consumer buys less gasoline because gas prices increased by 10% even though all other prices have also increased by 10% then A. The consumer has been fooled by money illusion
B. Inflation is not a problem in the economy C. Wages and prices are too flexible D. The consumer is paying to close attention to changes in relative prices A. The consumer has been fooled by money illusion
B. Inflation is not a problem in the economy C. Wages and prices are too flexible D. The consumer is paying to close attention to changes in relative prices

Explanation / Answer

D) The consumer is paying to close attention to changes in relative prices

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If a consumer buys less gasoline because gas prices increased by 10% even though

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