If the relative price of a gallon of water in terms of milk increases from 1 gallon to 1.5 gallons of milk,then the relative price of milk has fallen.

Name: If the relative price of a gallon of water in terms of milk increases from 1 gallon to 1.5 gallons of milk,then the relative price of milk has fallen.
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Question

Quizplus · Accepted Answer

The relative price of milk has fallen because it now takes more milk to purchase the same amount of water.

If the Relative Price of a Gallon of Water in Terms