In the housing market, the relative price of housing is analogous to ________.

Question

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Tobin's q is a ratio of the market value of a firm to the replacement value of its assets, and it is often used as an indicator of whether an asset is overvalued or undervalued. Similarly, the relative price of housing compares the market value of a house to the replacement cost of building or buying a new house, and it can be used to evaluate the affordability and sustainability of the housing market.

In the Housing Market, the Relative Price of Housing Is