Author Question: The price of a new textbook increased from 60 to 75 in one year, while the price of a used textbook ... (Read 110 times)

khang · **on:** Jun 29, 2018

The price of a new textbook increased from 60 to 75 in one year, while the price of a used textbook increased by 25 percent. What happened to the relative price of a used textbook?

A) It increased by 25 percent.
B) It increased by 10 percent.
C) It remained constant.
D) It can't be determined without knowing the nominal price of the used textbook in at least one of the years.

Question 2

The price system

A) is the voluntary exchange system used in the United States.
B) is old fashioned and is no longer used.
C) is used only in countries that are developing.
D) is used to set resource prices only.