If the Price of Good X Is $100 and the Price

question 87

Multiple Choice

If the price of good X is $100 and the price of good Y is $40,it follows that the relative price of one unit of good Y is ___________ unit(s) of good X.

• A) 0.40
• B) 0.20
• C) 2.50
• D) 4.00
• E) There is not enough information to answer the question.

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Definitions:

Minimum Price Schedule

A regulatory tool or policy setting the lowest price at which goods or services can be legally sold, often used in agricultural markets or with alcohol sales.

Conglomerate

A large corporation composed of diverse and independent industry sectors or companies under a single corporate group.

Men's Socks

Footwear specifically designed to cover men’s feet and lower legs, typically made from various fabrics and used for warmth, comfort, and fashion.

Webb-Pomerene Act

A 1918 U.S. federal law that allows certain export business activities to be exempt from antitrust laws, enabling American exporters to combine into associations to promote their foreign trade.