Solve the Problem

question 287

Multiple Choice

Solve the problem. Round your answer to the nearest tenth unless otherwise indicated.
-Students at East Central High School earned $535 selling candles. They want to make $2570 for a club trip. What percent of their goal has been reached?

• A)48%
• B)20.8%
• C)2.1%
• D)4.8%

---

Definitions:

Demand Curve

A graphical representation showing how the quantity demanded of a good or service varies with its price, ceteris paribus.

Consumer Surplus

The differentiation in the total expenditure consumers are willing and have the economic means to allocate for a good or service, versus what they effectively allocate.

Perfect Competition

A market structure characterized by a complete absence of rivalry among firms, where no single firm can influence the market price or product quality, leading to optimal allocation of resources.

Natural Monopoly

A market structure where a single supplier is most efficient due to the high fixed or startup costs of operating, making it impractical for new entrants to compete.