What are the facts of inflation
What are the facts of inflation?
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1. In the past, deflation has been as much a problem as inflation. For example, the 1930s depression was a period of declining prices and wages.
2. All industrial nations have experienced the problem.
3. Some nations experience astronomical rates of inflation (Angola’s was 4,145 percent in 1996).
4. The inside covers of the text contain historical rates for the U.S.
Industries that are described as "contestable": (w) will experience long-run economic profits equal to zero. (x) are difficult for firms to enter, but not to exit. (y) are difficult for firms to exit, but not to enter. (z) will charge prices greater t
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