Use Estimation to Select the Best Response

question 110

Multiple Choice

Use estimation to select the best response. Do not calculate. ​
If you purchase a $2,400 item and pay for it with monthly installments for 2 years, the monthly payment is __________.
​

• A) more than $100 per month
• B) $100 per month
• C) less than $100 per month

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Definitions:

Fairness

In economics and social policy, fairness relates to equitable treatment and distribution of resources and opportunities among individuals and groups, often debated in the context of income distribution and access to services.

Price Increases

A rise in the cost of goods or services over a period, often due to factors like inflation, increased costs of production, or supply and demand shifts.

Higher Costs

Situations where the expenses associated with producing goods or services are elevated, often reducing profitability.

Business Firms

Business firms are entities that engage in professional, commercial, or industrial activities with the aim of generating profits from their operations.