3.1 Market and Prices
The money price of a pound of bananas is $0.20 and the money price of a pack of frozen wafflesis $0.80. The opportunity cost of a pack of frozen waffles is _______. A. 4.00 pounds of bananas, which is the relative price of a pack of frozen waffles B. $0.20, the money price of a pound of bananas C. 0.25 packs of frozen waffles D. $0.80, the price of a pack of frozen waffles
A. 4.00 pounds of bananas, which is the relative price of a pack of frozen waffles
The relative price of a gallon of gasoline in terms of a pound of bananas is ______. A. the money price of a gallon of gasoline divided by the money price of a pound of bananas B. the money price of a pound of bananas C. the money price of a pound of bananas divided by the money price of a gallon of gasoline D. the quantity of gasoline you can buy with the money you would use to buy a pound of bananas
A. the money price of a gallon of gasoline divided by the money price of a pound of bananas
A competitive market is a market that has _____, so _____ can influence the price. A. many buyers and one seller; no buyer B. one buyer and many sellers; no seller C. many buyers and sellers; no single buyer or seller D. many buyers and sellers; both buyers and sellers
C. many buyers and sellers; no single buyer or seller
Which of the following is an example of money price? A. The price of cashew has gone up by 4 percent. B. Megan earns $15 an hour at her job. C. Jim wants to buy a stereo player. D. Joe paid $15 to buy a pizza box from McDonald's.
D. Joe paid $15 to buy a pizza box from McDonald's.
The relative price of a pack of frozen waffles is an opportunity cost because ______. A. it is expressed as a money price B. the relative price tells us how many packs of frozen waffles we must give up to get a pound of bananas C. it is constant D. the relative price tells us how many pounds of bananas we must give up to get a pack of frozen waffles
D. the relative price tells us how many pounds of bananas we must give up to get a pack of frozen waffles
