Based on the table above, which of the following is true? OA The money prices of both goods increased, the relative OB. The money prices of both goods increased and the rela OC. The money prices of both goods increased, the relative OD. The money prices of both goods increased and the rela
Based on the table above, which of the following is true? OA The money prices of both goods increased, the relative OB. The money prices of both goods increased and the rela OC. The money prices of both goods increased, the relative OD. The money prices of both goods increased and the rela
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![K
Hospital Room (1 day)
Hotel Suite (1 night)
Money Prices
2003
$250
$350
2004
$275
$375
Based on the table above, which of the following is true?
A. The money prices of both goods increased, the relative price of hospital rooms decreased, and the relative price of hotel suites increased.
OB. The money prices of both goods increased and the relative prices of both goods decreased.
OC. The money prices of both goods increased, the relative price of hospital rooms increased, and the relative price of hotel suites decreased.
OD. The money prices of both goods increased and the relative prices of both goods increased](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0f52b4bc-a9d3-46b9-9175-019577e07803%2F71bcc37d-fbac-439e-b6b9-72acc3cc97ef%2F1j55bz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
Hospital Room (1 day)
Hotel Suite (1 night)
Money Prices
2003
$250
$350
2004
$275
$375
Based on the table above, which of the following is true?
A. The money prices of both goods increased, the relative price of hospital rooms decreased, and the relative price of hotel suites increased.
OB. The money prices of both goods increased and the relative prices of both goods decreased.
OC. The money prices of both goods increased, the relative price of hospital rooms increased, and the relative price of hotel suites decreased.
OD. The money prices of both goods increased and the relative prices of both goods increased
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