The relative price of a good is
A) an opportunity cost.
B) equal to the money price of a good.
C) equal to the price of that good divided by the quantity demanded of the good.
D) what you get paid for babysitting your cousin.
A
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If a 1 percent decrease in the price of a pound of squash results in a larger percentage decrease in the quantity supplied
A) demand is elastic. B) demand is inelastic. C) supply is elastic. D) supply is inelastic.
What is a major difference between an operating budget and a capital budget?
What will be an ideal response?
A decrease in the price of pizza will lead to a(n):
A. increase in the demand for pizza. B. increase in the quantity of pizza demanded. C. decrease in the number of consumers. D. decrease in the quantity of pizza demanded.
The elasticity that measures the responsiveness of consumer demand to changes in income is the:
A. neither the income elasticity, the own price elasticity, nor the cross-price elasticity. B. own price elasticity. C. cross-price elasticity. D. income elasticity.