The price of a new textbook is 60 in one year and 75 two years ...

[fagboi]

The price of a new textbook is 60 in one year and 75 two years later, while the price of a used copy of the textbook increased from 25 to 37.50. The relative price of a new textbook
 
  A) increased by 25 percent.
  B) increased from 2.4 to 3.
  C) decreased from 2.4 to 2.0.
  D) decreased from 1.4 to 1.25

Question 2

The way we know what commodities are relatively scarce or abundant is through
 
  A) transaction costs.
  B) prices.
  C) price ceilings.
  D) price floors.

[yifu223]

Answer to Question 1

C

Answer to Question 2

B