A can of Campbell's vegetable soup cost 10 cents in 1933 and costs $1.19 today. The price of the soup from both 1933 and today is called the:

Question

Quizplus · Accepted Answer

The price of the soup in 1933 and today are both nominal costs, as they are the actual dollar amounts paid at the time of purchase without adjusting for inflation or changes in the value of currency. Real value refers to the value of a good or service in terms of what it can actually buy, adjusted for inflation or other economic factors. Fixed price refers to a price that is set and does not change, while inflationary price would refer to a price that increases due to inflation.

A Can of Campbell's Vegetable Soup Cost 10 Cents in 1933