If You Save $25

question 34

Multiple Choice

If you save $25.25 by buying an item from a discount catalog when the list price is $119.47, what is the discount price?

• A) $94.22
• B) $93.22
• C) $144.62
• D) $144.72

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Definitions:

Elastic Market Demand

Describes a market situation where the quantity demanded of a good or service significantly responds to changes in its price.

Perfectly Elastic Demand

Perfectly elastic demand is a market scenario where the demand for a product can drastically change (increase or decrease) at the slightest change in price, essentially to infinity.

Patents

Legal documents granted by the government giving an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.

Innovation Incentives

Mechanisms or policies designed to encourage the development and implementation of new ideas, products, or methodologies.