What does a relative price compare? (1 point) Responses the price different sellers ask for the same good the price different sellers ask for the same good the price that buyers pay to the price that sellers ask the price that buyers pay to the price that sellers ask the price of one good or service to another the price of one good or service to another the price that a seller wants to pay to the price that the seller actually pays
The correct answer is: the price of one good or service to another
A relative price compares the price of one good or service to another. Specifically, it compares the price of one good or service to the price of another good or service.
A relative price compares the price of one good or service to another. It is a way of assessing the value or cost of one item in relation to another. To determine relative prices, you can compare the prices of different sellers asking for the same good or service, or compare the price that buyers pay to the price that sellers ask. The comparison helps in understanding the value or competitiveness of different products in the market.
