The Relative Price of a Good Is That Price

question 350

Multiple Choice

The relative price of a good is that price

• A) expressed in today's dollars.
• B) expressed in constant 2017 dollars.
• C) expressed in terms of the price of another good.
• D) that is equal to the equilibrium price.

---

Definitions:

Shipper

An individual or company that arranges the transportation of goods from one place to another.

Milk Run

A delivery method where a single truck collects cargoes from several suppliers or delivers goods to multiple customers, optimizing transportation costs and efficiency.

Single Supplier

A procurement strategy where all goods or services are sourced from one exclusive supplier, potentially simplifying operations but increasing risk.

Multiple Retailers

Retail operators who own and manage more than one retail outlet, spreading across various locations.