Solved

Suppose That the Price of Butter Is $3 Per Pound

Question 92

Multiple Choice

Suppose that the price of butter is $3 per pound and the price of margarine is $2 per pound.If the price of butter rises to $3.90 and the price of margarine rises to $2.20,then the absolute price of butter has _______________ and the relative price of butter has _______________.


A) risen; fallen
B) fallen; risen
C) risen; risen
D) fallen; fallen

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q87: If the price of good X is

Q88: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit

Q89: In the market for a given product,when

Q90: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit

Q91: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit

Q93: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit

Q94: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6439/.jpg" alt=" -Refer to Exhibit

Q95: If the relative price of one unit

Q96: If the minimum wage law sets a

Q97: If the absolute price of a car