If the relative price of pizza in terms of movies is 3, this means that
A) the opportunity cost of a pizza is 3 movies.
B) 3 pizzas can be traded for 9 movies.
C) in terms of the dollars that must be spent to buy the product, pizza is more expensive than movies.
D) All of the above answers are correct.
D
Economics
You might also like to view...
Refer to Scenario 1. What is the marginal product of the third hour of labor?
A) 60 B) 80 C) 100 D) 240
Economics
The relationship between consumption and income is the
a. spending function b. consumption function c. autonomous consumption d. household consumer spending e. household spending function
Economics