The price of a loaf of bread is $1.50, the price of a gallon of milk is $3.00, and the price of a pound of butter is $2.40. The price of a loaf of bread relative to a gallon of milk is ________, while the price of a gallon of milk relative to a pound of butter is ________.

A. 2.0; 0.8.
B. 0.5; 1.25.
C. 0.5; 0.8.
D. 2.0; 1.25.


Answer: B

Economics

You might also like to view...

The long-run aggregate supply curve shows the

A) maximum GDP the nation will ever produce. B) full-employment level of real GDP. C) level of real GDP associated with a constant price level. D) level of output at which real GDP equals nominal GDP.

Economics

Explain whether or not Ocean Spray cranberry juice, Sprite, Borden milk, Pepsi Lite, grape Kool-Aid, and Diet Dr. Pepper compete in the same market as Coca-Cola Classic

Economics

When an increase in the price of one good lowers the demand for another good, the two goods are called complements

a. True b. False Indicate whether the statement is true or false

Economics

A game with a first-mover advantage is one in which:

A. the first player to move determines the payoffs for the rest of the game. B. the player who chooses first gets a higher payoff than those who follow. C. the player who chooses first gets to decide if a repeated game will start with cooperation from the beginning. D. None of these statements is true.

Economics