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?

Question

Quizplus · Accepted Answer

The relative price of a stove has increased because it doubled in price (from $300 to $600), while the refrigerator's price increased by only 20% (from $1,500 to $1,800). This means stoves have become relatively more expensive compared to refrigerators.

Twenty Years Ago a Stove Cost $300 and a Refrigerator