Difference between revisions of "Relative price"
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Relative price relates the price of one good in terms of another good. A particular good's relative price with respect to another good is how of this other good must be given to obtain one more unit of the particular good. | Relative price relates the price of one good in terms of another good. A particular good's relative price with respect to another good is how of this other good must be given to obtain one more unit of the particular good. | ||
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Revision as of 09:20, April 27, 2007
Relative price relates the price of one good in terms of another good. A particular good's relative price with respect to another good is how of this other good must be given to obtain one more unit of the particular good.