A ticket to see the Radio City Rockettes costs $90. You buy a ticket for $30 to see the New York Jets play football. The money price for

Question

Quizplus · Accepted Answer

The problem gives the specific money prices of the Rockettes ticket and the Jets ticket. To determine the relative price, we need to compare the two ticket prices. The relative price tells us how many units of one good we need to give up to obtain one unit of another good. In this case, the relative price is 3 Jets tickets per Rockette ticket. Therefore, the best choice is B where the Rockettes ticket is $90 and the relative price is 3 Jets tickets per Rockette ticket.

A Ticket to See the Radio City Rockettes Costs $90