In microeconomics,the term price generally refers to the:
A)relative price of an item.
B)dollar price of an item.
C)absolute price of an item.
D)choke price of an item.

Question

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In microeconomics, the term price usually refers to the relative price of an item, which is the price of a particular good or service in terms of other goods or services that can be exchanged for it. This is because the value of a good or service is often determined by its ability to be exchanged for other goods and services in a market. The dollar price of an item is just one example of a relative price, as it represents the amount of money that needs to be exchanged for a particular item at a given time and place. The term absolute price, on the other hand, is not commonly used in microeconomics as it implies a fixed or unchanging price that does not vary with market conditions. The term choke price also has no significance in microeconomics.

In Microeconomics,the Term Price Generally Refers to The