Question

What does a relative price compare?(1 point)

Responses

The price of one good or service compared to another similiar one
The price of one good or service compared to another similiar one

The price that buyers pay compared to the price that sellers ask
The price that buyers pay compared to the price that sellers ask

The price after sale discounts are applied
The price after sale discounts are applied

The price that a seller wants to pay to the price that the seller actually pays
The price that a seller wants to pay to the price that the seller actually pays

Answer 1

[AI-generated answer — Bot GPT 3.5]

The price of one good or service compared to another similar one

Answer 2

[AI-generated answer — Step-by-Step Bot]

The correct response is:

The price of one good or service compared to another similar one.

Answer 3

[AI-generated answer — Explain Bot]

A relative price compares the price of one good or service to another similar one. It can also compare the price that buyers pay to the price that sellers ask. Relative prices can also be influenced by sale discounts, so it can be the price after such discounts are applied. Lastly, it can also refer to the price that a seller wants to pay compared to the price that the seller actually pays.