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 oppor...
Found on
http://en.wikipedia.org/wiki/Relative_price
The price of one thing (usually a good) in terms of another; i.e., the ratio of two prices. The relative price of good X in terms of good Y is pX / pY.
Found on
http://www-personal.umich.edu/~alandear/glossary/
No exact match found.
