The Total Dollar Amount You Pay to Use Credit Is

question 64

Multiple Choice

The total dollar amount you pay to use credit is called the:

• A)finance charge.
• B)annual percentage rate.
• C)price of the good/service purchased.
• D)amortized rebate.
• E)interest rate.

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Definitions:

Few Competitors

A market condition where only a small number of firms operate, often leading to higher prices and reduced competition.

Oligopoly

Market structure in which relatively few sellers compete and high start-up costs form barriers to keep out new competitors.

Planned Economy

Economic system in which government controls determine business ownership, profits, and resource allocation to accomplish government goals rather than those set by individual firms.

Mixed Market Economy

features both private and public enterprise, blending elements of capitalist and socialist economic systems.