Author Question: Suppose that the price of cornflakes is 3 per box and the price of oatmeal is 4.50 per box. Both ... (Read 24 times)

mia · **on:** Jun 29, 2018

Suppose that the price of cornflakes is 3 per box and the price of oatmeal is 4.50 per box. Both boxes contain the same number of ounces of cereal. The relative price of cornflakes in terms of oatmeal is

A) 0.67.
B) 1.0.
C) 0.75.
D) 1.50.

Question 2

In a market system, intermediaries in the exchange process are known as

A) producers.
B) consumers.
C) middlemen.
D) free agents.