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 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
How does scarcity affect customers?
(1 point)
Responses
Limited money forces consumers to make choices.
Limited money forces consumers to make choices.
Limited time prevents customers from making decisions.
Limited time prevents customers from making decisions.
Limited numbers of producers force customers to be loyal.
Limited numbers of producers force customers to be loyal.
Limited wants and needs limit customers to small purchases.
Limited wants and needs limit customers to small purchases.