A relative price is

Question

A relative price is

Quizplus · Accepted Answer

A relative price is the ratio of one price to another price, and it represents the opportunity cost of choosing one good over another. Option A is not correct because money price refers to the absolute price of a good in terms of dollars, rather than its relation to other prices. Option C is incorrect because relative price is a concept related to opportunity cost, which is a fundamental economic concept. Option D is incorrect because it describes the absolute price of a good, rather than its relative price.

A Relative Price Is