Question
A condition where there is a persistent fall in the
general price level of goods and services . It is known as ________ .Solution
When there is a decrease in the general price level of goods and services, the situation in the economics in known as Deflation. It is a situation when inflation rate falls below 0% i.e, a negative inflation rate. Sudden deflation increases the value of currency over time allowing more goods and services to be bought than before with the same amount of currency unlike Inflation as it reduces the value of currency over time.
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