relative price

Definition

Price of a commodity as it compares to another. The relative price is usually presented as a ratio between the two prices.

Use relative price in a sentence

  • You need to figure out what the relative price should be and then decide if you are getting a good deal or not.

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  • I wanted to determine the relative price of the item compared to the other and I knew that it would determine how much we made it worth.

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  • Though consumers benefit from the lower cost of gasoline, big oil companies such as Shell and Exxon are worried about the relative price of petroleum versus coal or natural gas.

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