An increase in the overall level of prices in an economy is referred to as

A) the income effect.
B) inflation.
C) deflation.
D) the substitution effect.

Inflation

The magnitude of growth in general service and product prices, causing a decrease in the ability to buy.

Overall Level

A general or comprehensive scope or scale, often referring to the magnitude or intensity of a phenomenon or activity.

Prices

The financial outlay necessary for acquiring a commodity, service, or asset.