Based on the table above, which of the following is true? OA The money prices of both goods increased, the relative OB. The money prices of both goods increased and the rela OC. The money prices of both goods increased, the relative OD. The money prices of both goods increased and the rela

Based on the table above, which of the following is true? OA The money prices of both goods increased, the relative OB. The money prices of both goods increased and the rela OC. The money prices of both goods increased, the relative OD. The money prices of both goods increased and the rela

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 5CQQ

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Question

K
Hospital Room (1 day)
Hotel Suite (1 night)
Money Prices
2003
$250
$350
2004
$275
$375
Based on the table above, which of the following is true?
A. The money prices of both goods increased, the relative price of hospital rooms decreased, and the relative price of hotel suites increased.
OB. The money prices of both goods increased and the relative prices of both goods decreased.
OC. The money prices of both goods increased, the relative price of hospital rooms increased, and the relative price of hotel suites decreased.
OD. The money prices of both goods increased and the relative prices of both goods increased

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