Deflation is defined as a sustained decrease in the general price level of goods and services in an economy.
Which one among the following is an appropriate description of deflation ?
Asked in KPSC KAS Prelims 2015 · Topic: Money & Banking (Inflation: Types, Causes, Effects, and Monetary Policy Responses)
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Answer: C. It is a persistent fall in the general price level of goods and services.
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