Solve the Problem. -The Cost for Labor Associated with Fixing a Washing Machine

question 27

Multiple Choice

Solve the problem.
-The cost for labor associated with fixing a washing machine is computed as follows: There is a fixed charge of $25 for the repairman to come to the house, to which a charge of $20 per hour is added. Find an equation that
Can be used to determine the labor cost, C, of a repair that takes x hours. Write the final answer in the form C =
Mx + b.

• A) C = 45x
• B) C = -20x + 25
• C) C = 20x + 25
• D) C = 25x + 20

---

Definitions:

Competitive Price-searcher Markets

Markets where firms have some power to set prices due to differences in the products they offer, even though they must consider the potential entry of new competitors.

Potential New Entrants

Businesses or individuals that could potentially enter a market and compete with existing entities.

Existing Firms

Companies or businesses that are currently operating in the market, as opposed to new entrants or startups.

Competitive Price-searcher Market

A market where firms have some control over the prices they charge because their products are differentiated, leading them to actively search for competitive pricing strategies.