The price of one good in relation to the price of another good is called:
A)absolute prices
B)exchange rate
C)relative prices
D)none of the above

Question

Quizplus · Accepted Answer

Relative prices refer to the price of a good in relation to another good. It helps to determine which good is cheaper or more expensive compared to others. Absolute prices refer to the actual price of a good, while exchange rate refers to the value of one currency in relation to another.

The Price of One Good in Relation to the Price