The Price of a Commodity in Terms of Another Commodity

question 280

Multiple Choice

The price of a commodity in terms of another commodity is

• A) the law of demand.
• B) a substitute.
• C) the money price.
• D) the relative price.

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Definitions:

Maximizing

The practice of thoroughly considering all available options to make the best possible decision.

Satisficing

A decision-making strategy that involves searching through the available alternatives until an acceptability threshold is met, rather than seeking the best possible outcome.

Phoneme

The smallest unit of sound in a language that can distinguish one word from another.

Morpheme

The smallest grammatical unit in a language, unable to be further divided without altering or losing its meaning.