Suppose that the Consumer Price Index rose by 3% from 2003 to 2004. Suppose that the price of a pizza increased by 5% during that time. Which of the following is true?

The nominal price of pizza increased.

The real price of pizza increased.

The real price of pizza did not change.

Both a and b are correct.

Both a and c are correct.

Which of the following must be true if the price of college tuition has risen faster than the Consumer Price Index in the last 20 years?

		The real price of college tuition has risen.
		The nominal price of college tuition has risen.
		The real price of college tuition has not changed.
		Both a and b are correct.
		Both b and c are correct.