Solve the Problem. -An Outlet Store Had Monthly Sales of $73,000 and Spent

question 52

Multiple Choice

Solve the problem.
-An outlet store had monthly sales of $73,000 and spent 8% of it on health insurance. How much was spent on health insurance?

• A)$912,500
• B)$91,250
• C)$58,400
• D)$5840

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Definitions:

Law of Demand

Economic principle stating that, ceteris paribus, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Unlimited Wants

The economic concept that human desires and needs are endless and vary in nature, leading to constant demand for goods and services.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded of that good, typically downward sloping.

Decrease in Demand

A downward shift in the demand curve for a product or service, indicating that consumers are willing to purchase less at each price level.