Suppose that the price of cornflakes is $3 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.

Question

Quizplus · Accepted Answer

The relative price of cornflakes in terms of oatmeal is calculated by dividing the price of cornflakes by the price of oatmeal: $3 / $4.50 = 0.67.

Suppose That the Price of Cornflakes Is $3 Per Box