Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call

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A money price is the amount of money paid for a good or service. In this case, Joe is paying a specific amount of money, $8,000.00, for his tuition, making it an example of a money price. Relative price refers to the price of one good or service in comparison to another. Opportunity price (also known as opportunity cost) is the value of the next best alternative that must be forgone in order to pursue a certain action, and indexed price refers to a price that is adjusted for inflation using an index.

Joe Pays $8,000