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When the Term "Price" Is Used in the Law of Demand,price

Question 145

Multiple Choice

When the term "price" is used in the law of demand,price means


A) the price of the good relative to the price of another good or to the average price of all other goods.
B) the nominal price of the good relative to its nominal price in the previous year.
C) the absolute price of the good.
D) the dollar price of the good.

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