Carole Grand and Bonnie Lamore Run a Shuttle Service from Western

question 173

Multiple Choice

Carole Grand and Bonnie Lamore run a shuttle service from Western Illinois to the busy Chicago O'Hare airport.Last month,they recorded the following: If 25% of their net income is paid to the government in taxes,what is their net income after taxes?

• A)$1410.00
• B)$1160.00
• C)$682.00
• D)$870.00

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Definitions:

World Price

The worldwide market value of a product or service, established by the universal demand and supply.

Trade Restrictions

Measures imposed by governments to control the flow of goods and services across borders, including tariffs, quotas, and import bans, often with the aim of protecting domestic industries.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a specific price over a defined period of time.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive, due to higher market prices.