what does a relative price compare?

Question

the price of one good or service compared to another similare one
the price that a seller wants to pay to the price that the seller actually pays
the price after sale discounts are applied
the price that buyers pay compared to the price that sellers ask

Answer 1

A relative price compares the price that buyers pay for a good or service compared to the price that sellers ask for that same good or service. It indicates the difference between the buying and selling prices.