The term price as used in microeconomics refers to the absolute price of a commodity.

Name: The term price as used in microeconomics refers to the absolute price of a commodity.
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In microeconomics, the term "price" can refer to both the absolute price (the amount of money needed to purchase a commodity) and the relative price (the amount of one good or service that must be given up to acquire another good or service).

The Term Price as Used in Microeconomics Refers to the Absolute