Multiple Choice
If, due to rising demand, the price of cotton rose 10 percent while the prices of other goods and services rose an average of 15 percent,
A) the relative price of cotton has risen and one would expect the output of cotton to rise as a result.
B) the relative price of cotton has risen and one would expect the output of cotton to fall as a result.
C) the relative price of cotton has fallen and one would expect the output of cotton to rise as a result.
D) the relative price of cotton has fallen and one would expect the output of cotton to fall as a result.
Correct Answer:
Verified
Correct Answer:
Verified
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