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relative price (DO)<br />The price of one good expressed in terms of another, rather than money. The relative price of apples can be expressed in terms of oranges if a consumer has a choice between consuming either apples or oranges from a given income. Relative prices can be expressed by the slope of a BUDGET LINE. See also: opportunity cost; price
<strong>Professional Judgment (PJ)</strong> – The flexibility given to a financial aid administrator to make adjustments to student eligibility for federal Title IV aid and for Missouri state aid on a case-by- case basis.
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