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- Relative_price abstract "°A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between any two prices or the ratio between the price of one particular good and a weighted average of all other goods available in the market. A relative price is an opportunity cost. Microeconomics can be seen as the study of how economic agents react to changes in relative prices.In the demand equation Q = f(P) (in which Q is the number of units of a good or service demanded), P is the relative price of the good or service rather than the nominal price. It is the change in a relative price that prompts a change in demand. For example, if all prices rise by 10% there is no change in any relative prices, so if consumers' nominal income and wealth also go up by 10% leaving real income and real wealth unchanged, then demand for each good or service will be unaffected. But if the price of a particular good goes up by, say, 2% while the prices of the other goods and services go down enough that the overall price level is unchanged, then the relative price of the particular good has increased while purchasing power has been unaffected, so the demand for the good will go down. Often inflation makes it difficult for economic agents to immediately distinguish increases in the price of a good which are due to relative price changes from changes in the price which are due to inflation of prices in general. This situation can lead to allocative inefficiency, and is one of the negative effects of inflation.".
- Relative_price thumbnail Relative_Prices_of_commonly_valued_items_what_is_value%3F.jpg?width=300.
- Relative_price wikiPageExternalLink readks3jfn9ei7dn2fms8lkfialf777slf8m2fh4ei6w.php?title=Relative%20Cost.
- Relative_price wikiPageID "3651324".
- Relative_price wikiPageLength "2345".
- Relative_price wikiPageOutDegree "18".
- Relative_price wikiPageRevisionID "675695975".
- Relative_price wikiPageWikiLink Agent_(economics).
- Relative_price wikiPageWikiLink Allocative_efficiency.
- Relative_price wikiPageWikiLink Allocative_inefficiency.
- Relative_price wikiPageWikiLink Category:Microeconomics.
- Relative_price wikiPageWikiLink Category:Pricing.
- Relative_price wikiPageWikiLink Category:Underlying_principles_of_microeconomic_behavior.
- Relative_price wikiPageWikiLink Good_(economics).
- Relative_price wikiPageWikiLink Inflation.
- Relative_price wikiPageWikiLink Microeconomics.
- Relative_price wikiPageWikiLink Opportunity_cost.
- Relative_price wikiPageWikiLink Price.
- Relative_price wikiPageWikiLink Price_premium.
- Relative_price wikiPageWikiLink Real_versus_nominal_value_(economics).
- Relative_price wikiPageWikiLink Relative_value_(economics).
- Relative_price wikiPageWikiLink Service_(economics).
- Relative_price wikiPageWikiLink File:Relative_Prices_of_commonly_valued_items_what_is_value%3F.jpg.
- Relative_price wikiPageWikiLinkText "Relative price".
- Relative_price wikiPageWikiLinkText "relative price".
- Relative_price hasPhotoCollection Relative_price.
- Relative_price wikiPageUsesTemplate Template:Economics_sidebar.
- Relative_price wikiPageUsesTemplate Template:Microeconomics-stub.
- Relative_price wikiPageUsesTemplate Template:Unreferenced.
- Relative_price subject Category:Microeconomics.
- Relative_price subject Category:Pricing.
- Relative_price subject Category:Underlying_principles_of_microeconomic_behavior.
- Relative_price hypernym Price.
- Relative_price type Article.
- Relative_price type Person.
- Relative_price type Article.
- Relative_price type Microeconomic.
- Relative_price comment "°A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between any two prices or the ratio between the price of one particular good and a weighted average of all other goods available in the market. A relative price is an opportunity cost.".
- Relative_price label "Relative price".
- Relative_price sameAs Relativer_Preis.
- Relative_price sameAs Relatieve_prijs.
- Relative_price sameAs m.09sb2x.
- Relative_price sameAs Относительная_цена.
- Relative_price sameAs Q2142538.
- Relative_price sameAs Q2142538.
- Relative_price wasDerivedFrom Relative_price?oldid=675695975.
- Relative_price depiction Relative_Prices_of_commonly_valued_items_what_is_value%3F.jpg.
- Relative_price isPrimaryTopicOf Relative_price.