Question Which is true of relative prices? (1 point) Responses They are prices set by buyers and sellers. They are prices set by buyers and sellers. - no response given They describe prices in relation to each other. They describe prices in relation to each other. - no response given They tell where the supply of a good meets its demand. They tell where the supply of a good meets its demand. - incorrect They help avoid shortages and surpluses. They help avoid shortages and surpluses. - no response given Incorrect:
1 answer
The statement that is true of relative prices is: They describe prices in relation to each other.
Relative prices compare the price of one good or service to another, helping consumers and producers make decisions based on the opportunity cost of choices.
