Suppose that the price of cornflakes is $6.75 per box and the price of oatmeal is $4.50 per box. Both boxes contain the same number of ounces of cereal. The relative price of cornflakes in terms of oatmeal is
A) 0.67.
B) 1.0.
C) 0.75.
D) 1.50.
Correct Answer:
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Q5: The law of demand states that
A) consumers
Q6: According to the law of demand, a
Q7: The money price of a good is
Q8: According to the law of demand, other
Q9: A fundamental principle in demand analysis is
Q11: In economics, "demand" refers to
A) what people
Q12: Which of the following is an example
Q13: The law of demand is based on
Q14: The law of demand states that
A) people
Q15: The demand curve is downward sloping because
A)
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