the price of one good or service compared to another similare one
the price that a seller wants to pay to the price that the seller actually pays
the price after sale discounts are applied
the price that buyers pay compared to the price that sellers ask
A relative price compares the price that buyers pay for a good or service compared to the price that sellers ask for that same good or service. It indicates the difference between the buying and selling prices.
A relative price compares the price of one good or service to another similar one. It is the price that buyers pay compared to the price that sellers ask.
A relative price compares the price of one good or service to another similar one. It is the price that buyers pay compared to the price that sellers ask. To determine the relative price, you would need to know the price that buyers pay for a particular good or service and compare it to the price that sellers are asking for the same or similar goods. This comparison allows us to understand the relationship between the buyer's willingness to pay and the seller's asking price.
