A price relative was computed for houses. The base period is 2010 . The price relative in 2015 was 130 . The interpretation of the price relative is that
a. there has been a 130% increase in the price of houses from 2010 to 2015.
b. there has been a 30% increase in the price of houses from 2010 to 2015.
c. the price of houses in 2015 was $130 higher than the price in 2010.
d. It is impossible to interpret the index.
b
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