The Price of a TV Set Was $600 in 1999

Multiple Choice

The price of a TV set was $600 in 1999. In 2003 it was priced at $520. If the CPI in 1999 was 123 and 2003 is the base year, has the TV set become cheaper or more expensive in real terms in 2003?

A) Real-dollar cost of the TV set has not changed.
B) Real-dollar cost of the TV set has increased by 6.6%.
C) Real-dollar cost of the TV set has decreased by 6.6%.
D) Real-dollar cost of the TV set has decreased by 15.8%.
E) Real-dollar cost of the TV set has increased by 15.8%.