Following the lifting of price controls that had been implemented in the early 1970s, inflation skyrocketed. Economists' explanations for this acceleration in the price level include:
a. the increase in the money supply that also occurred during the early 1970s.
b. increases in the federal government deficit, especially in 1971 and 1972.
c. supply-side shocks in oil and food.
d. the release of inflationary pressures that built up during the period of price controls.
e. All of the above.
e. All of the above.
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