The statement that is true of relative prices is:
They describe prices in relation to each other.
Relative prices indicate the price of one good or service compared to another, highlighting the trade-offs in consumption or production.
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.
They describe prices in relation to each other.
They describe prices in relation to each other.
They tell where the supply of a good meets its demand.
They tell where the supply of a good meets its demand.
They help avoid shortages and surpluses.
1 answer