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What are relative prices and how are they expressed?
Economics
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Relative prices refer to the price of one good or service compared to the price of another good or service. It expresses how much of one good must be given up to obtain another good.
For example, if a cup of coffee costs $3 and a donut costs $1, the relative price of coffee is 3 donuts. This means you have to give up 3 donuts to buy one cup of coffee.
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