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How many fewer persons work in the unskilled labor market at the minimum wage (WM) than at the equilibrium wage (W1)? (N1 - N3) persons Suppose that the price of peanut butter is $3 per pound and the price of almond butter is $5 per pound. If the price of peanut butter rises to $3.60 and the price of almond butter rises to $5.50, then the absolute price of peanut butter has _______________ and the relative price of peanut butter has _______________. risen; risen

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sebastiansierraocm

Answer:

The absolute price is the amount of money needed to buy a particular good, and the relative price is the price of a good in relation to the price of another good.

The absolute price of peanut butter has risen because it has gone from $3 to $3.60.

The relative price of peanut butter (relative to the price of almond butter) has also risen because it was = $3 / $5 = $0.60, and now it is = $3.6 / $5.5 = $0.65.

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