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Inflation is the answer that corresponds to option b. An increase in the level of price. Inflation refers to a general increase in prices of goods and services in an economy over a period of time. This means that the purchasing power of a unit of currency decreases as prices rise.
When there is inflation, it takes more money to buy the same goods and services than it did before. This decrease in the purchasing power of money can impact individuals, businesses, and the overall economy.
Therefore, in the context of the options provided, the correct answer to the question "What is inflation?" is option b. An increase in the level of price.
