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31-05-2023
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The price of long-distance telephone service fell from 40 cents per minute in 1996 to 22 cents per minute in 1999, a 45-percent (18 cents/40 cents) decrease. Suppose that the Consumer Price Index increased by percent over this period. What happened to the real price of telephone service?

Part 2

The real price of telephone service

decreased

increased

decreased

by

enter your response here

percent. (Enter your response rounded to two decimal places.)

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