When the term "price" is used in the law of demand, price is referring to OA. the nominal price of the good relative to its nominal price in the previous year. B. the price of the good relative to the price of another good or relative to the average prices of all other goods. OC. the absolute price of the good. OD. the dollar price of the good.

When the term "price" is used in the law of demand, price is referring to OA. the nominal price of the good relative to its nominal price in the previous year. B. the price of the good relative to the price of another good or relative to the average prices of all other goods. OC. the absolute price of the good. OD. the dollar price of the good.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 5WNG

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