Online Retail Sales Stood at $22

question 76

Multiple Choice

Online retail sales stood at $22.7 billion for 2000. For the next 2 years, they grew by 32.4% and 27.6% per year, respectively. For the next 6 years, online retail sales are projected to grow at 30.2%, 19.7%, 24.3%, 13.6%, 17.2%, and 10.6% per year, respectively. What are the projected online sales for 2008? Round your answer to one decimal place. ​

• A) $113.6 billion
• B) $112.2 billion
• C) $110.8 billion
• D) $108.0 billion
• E) $109.4 billion

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Definitions:

Price Floor

A government-imposed minimum price that can be charged for a good or service, aimed at preventing prices from falling too low.

Quantity Supplied

Refers to the amount of a good or service that producers are willing to sell at a given price over a specific period.

Quantity Demanded

The total amount of a good or service that consumers are willing to purchase at a given price.

Rent-Controlled Apartments

Rent-controlled apartments are rental units subject to governmental regulations that limit the amount landlords can charge for rent, often to protect tenants from rapid price increases.