Inflation is a situation in which

(a) prices increase

(b) prices decrease

(C) price remain unchanged

(d) all of these 

 Nominal GDP will definitely increase when

a. prices increase and output increases. 

b. prices increase and output decrease. 

c. prices decrease and output increases.

d. All of the above are correct.

a linear downward-sloping demand curve has price elasticities (in absolute values) that

A. Increase as prices decrease

B. remain constant along the demand curve

C. decrease as price decreases

D. Are greater than or equal to 1. 

a linear downward sloping demand curve has price elasticities (in absolute values) that

A. Increase as prices decrease

B. remain constant along the demand curve

C. decrease as price decreases

D. Are greater than or equal to 1.