If the Price of Good X Is $90 and the Price

question 31

Multiple Choice

If the price of good X is $90 and the price of good Y is $30,it follows that the relative price of one unit of good Y is ___________ unit(s) of good X.

• A) 0.33
• B) 1.33
• C) 3.00
• D) 2.00
• E) There is not enough information to answer the question.

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Definitions:

APA Format

The citation style developed by the American Psychological Association used for scientific papers, which includes specific guidelines for formatting documents and referencing sources.

T-test

A statistical test used to compare the means of two groups to determine if they are significantly different from each other.

Nonsignificant

An outcome of a statistical test indicating that the evidence is not strong enough to reject the null hypothesis.

Nonsignificant

A statistical term indicating that the results of an analysis do not show evidence to reject the null hypothesis, suggesting that any observed effect could be due to chance.