When the Price of Only One Good Rises, the Relative

question 237

Multiple Choice

When the price of only one good rises, the relative price of that good

• A) falls.
• B) rises.
• C) does not change.
• D) rises if it is a normal good and falls if it is an inferior good.

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Definitions:

Designer Outfit

Clothing created by a fashion designer, often branded, and characterized by exclusive designs, high quality, and high price.

Part-Time Modeling

Engaging in modeling on a less than full-time basis, often balancing with other job responsibilities or educational pursuits.

Disaffirm

The legal act of a minor voiding or rejecting a contract they have entered into, under the protection of laws that allow minors to cancel certain agreements.

Real Property

Land and anything permanently attached to it, such as buildings and natural resources.