Final answer:
As prices decreased in certain periods of American history, the standard of living for many improved, with workers able to afford more goods and services. However, the gap between the rich and the poor widened due to wage stagnation and income inequality, despite the increased buying power and quality of life for many.
Step-by-step explanation:
Throughout the history of the United States, there have been periods where real wages have increased, thereby improving the standard of living for many Americans. As prices decreased, workers found they could afford more goods and services, leading to greater accessibility and consumption of commodities. During these times, despite the overall economic growth, the gap between the rich and the poor expanded due to factors such as stagnant wages for the working class, unbalanced income distribution, and industrialization that greatly benefited the wealthier segments of society. The increased buying power of the average person was a significant positive change, with improvements in the quality of life and the availability of a wide range of products that were previously out of reach for many. However, for workers in the late 19th century and early 20th century, this economic prosperity was uneven, with many still facing harsh factory conditions and struggling to achieve upward mobility.