Multiple Choice
Twenty years ago a stove cost $300 and a refrigerator cost $1,500. Today a stove costs $600, while a refrigerator costs $1,800. Which of the following statements is TRUE?
A) The relative price of stoves and refrigerators has not changed.
B) The relative price of a refrigerator has increased.
C) The relative price of a stove has increased.
D) The money price of a refrigerator has fallen.
Correct Answer:
Verified
Correct Answer:
Verified
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