Which one of the following statements is FALSE?
A) Generally, what matters most to consumers is what a good costs in dollars.
B) The relative price of a good is its price measured relative to the price of other goods.
C) The nominal price of a good is its price measured in current dollars.
D) When the price of beer goes up by the same proportion as the prices of all other goods, the relative price of beer does not change.

Question

Quizplus · Accepted Answer

While the cost of a good in dollars may be important to many consumers, it is not always the most important factor. For example, some consumers may be willing to pay more for a good if it is of higher quality or if it aligns with their values or beliefs.

Which One of the Following Statements Is FALSE