Answer: Relative Price
Explanation:
Relative Price means the ratio of the price of a specific product in one period to the price of the same product in another period. It is normally a ratio between the prices of two goods. This can normally occur due to changes in market supply and demand, changes in employee labor rate, etc.
Relative Price determines the slope of the budget constraint.
So, when a consumer consumes two goods, x and y, the slope of the budget constraint equals the relative price of the two goods.
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