Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is true?
A) The relative price of a refrigerator has increased.
B) The relative price of a stove has increased.
C) The money price of a refrigerator has fallen.
D) The relative price of stoves and refrigerators has not changed.
Correct Answer:
Verified
Q32: Each point on the demand curve reflects
A)the
Q33: Q34: The "law of demand" refers to the Q35: Which of the following is NOT held Q36: The quantity demanded is![]()
A)independent of the price
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