The price of a specific good or service in comparison with the prices of other goods and services is called:

Question

Quizplus · Accepted Answer

A relative price refers to the price of a good or service in comparison to the prices of other goods and services. It is important in determining consumer choices and resource allocation in the economy. Real price refers to the price adjusted for inflation, and indexing refers to the practice of adjusting prices or other economic variables for inflation or other factors.

The Price of a Specific Good or Service in Comparison