The Tax Rate on a Used Car in Overshoe County

question 1

Multiple Choice

The tax rate on a used car in Overshoe County is 7%. What is the sales tax on a sport utility with a selling price of $15,000?

• A) $1050.00
• B) $10,500.00
• C) $13,950.00
• D) $525.00

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price over a specified period of time.

Unit Elasticity

A circumstance where the percentage variation in the quantity that is either demanded or supplied matches the percentage variation in its price.

Demand

The amount of a product or service that shoppers are ready and capable of buying at different price levels within a specific period.