The money price of a litre of milk is $3.33 and the money price of a litre of gasoline is $1.11.The relative price of a litre of gasoline in terms of milk is

Question

Quizplus · Accepted Answer

To find the relative price of gasoline in terms of milk, we need to compare their money prices. Given that the money price of a liter of milk is $3.33 and that of gasoline is $1.11, we can see that a liter of gasoline costs 1/3 of the price of a liter of milk. Therefore, the relative price of gasoline in terms of milk is 1/3 liter of milk.

The Money Price of a Litre of Milk Is $3