If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased.
B) the nominal price of super gasoline decreased.
C) the relative price of super gasoline decreased.
D) the relative price of regular gasoline increased.
C
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Trade between two nations is NOT possible if they have:
a. identical indifference curves but different production possibilities frontiers. b. identical production possibilities frontiers but different indifference curves. c. different production possibilities frontiers and different indifference curves. d. identical production possibilities frontiers and identical indifference curves.
In the dominant firm model, the smaller fringe firms behave like:
A) competitive firms. B) Cournot firms. C) Stackelberg firms. D) Bertrand firms. E) monopolists.