If the price of a candy bar is $1 and the price of a fast food meal is $5, then the
A) relative price of a candy bar is 5 fast food meals per candy bar.
B) money price of a candy bar is 1/5 of a fast food meal per candy bar.
C) relative price of a fast food meal is 5 candy bars per fast food meal.
D) money price of a fast food meal is 1/5 of a candy bar per fast food meal.
C
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Under most circumstances, the application of taxes on goods will only affect who gets the goods
Indicate whether the statement is true or false
When studying the market for resources, it is important to understand that:
a. resources are wanted not for themselves, but for what they produce. b. demand for resources is generally inelastic in nature. c. derived demand does not apply to the resource market. d. resource markets do not conform to the laws of supply and demand as other markets do. e. supply is much more important than demand in determining the price of a resource.