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The absolute price of good x, good y, and good z are $23, $42, and $56. What is the relative price of good x in terms of good y? What is the relative price of good y in terms of good z? What is the relative price of good z in terms of good x?
Can the absolute price of a good rise at the same time as its relative price declines?
Lise the figure below to answer the following questions. Price (dollars per unit per month) 0 50 100 150 200 250 Quantity (units per month Figure 6.1.2 6) The demand and supply model determines A) supply prices. B) relative prices. C) money prices. D) absolute prices. E) demand prices.
